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REPORT 

^lilaklpbiii d- ^ratling ^ailroab €o. 

I^iliibtlffeia * gtnlihij Coal & |rira Co. 
OPERATIONS 

ril-fiJ eJfDlKO JfOVUMBER SOth, uso. 



I'll! I. ADKLPHI A; 

rilOTKU IIV J. 1(. UI'PINCOTT A CU. 



REPORT 



OP THB 



ie,EOEii^Eie,s 



OP TUB 




|ilabelp|ia & |leatog ^lailnaJf €fi. 



AND OP THl 



IPItlabelp^ia ^' ^eabmg Coal ^ |ron Co. 



OP THE 



OPERATIONS 



POR TUB 



TEAR EJfDIJ^G JfOVEMBER SOth, 1880. 



• » » 



philadklphia: 
PRINTED BY J. B. LIPPINCOTT & CO. 

1881. 



1 , 



I 




H 3^TV 



INDEX. 



PHILADELPHIA AND READING RAILROAD COMPANY. 

PAQK 

BraiM foandrj..... 62 

Cars broken, accideDts, h^, — Comparative Statement 66 

Coal tonnage — Points of supply and distribution, Railroad — Statement N 56 

•' " " " " Schuylkill Canal— Statement N. 58 

Deseription of Tonnage — Statement P 60 

Distribution of Transportation and Roadway expenses — Statement 59 

Division of Transportation expenses — Statement C 35 

Engines and cars — Number and description — Statement D 36 

Expenditures on the Schuylkill Canal 74 

" " Susquehanna" 75 

Expenses Transportation Department — Statement B 34 

Freight trains — Cost in detail of running — Statement L 54 

General balance-sheet. 26 

Hauling coal — Cost in detail — Statement U 52 . 

Iron foundry 61 

Locomotive-engines — Numbers, weights, Ac. — Statement E 38 

" " Work and repairs— Statement F 50 

Materials on hand 24 

Passenger trains — Cost in detail of running — Statement K 53 

Philadelphia hauling — Statement M 55 

Rails removed from tracks, and cost of renewing iron 81 

Receipts, passengers, and tonnage — Monthly tabular statement 25 

*' working expenses, tonnage, Ac. — 1850 to 1880 64 

Receivers' report 5 

Business for year 6 

Coal and Iron Co. — Tonnage and cost of mining 8 

Express business 7 

Floating debt 8 

Operations of Leased Lines 7 

Receivers' certificates .4. 8 

Renewal fund 23 

Repairs and renewal of cars — Statement G 51 

Report of General Manager — Transportation 28 

•* " Chief Engineer— Roadway 76 

" " " of Canals 72 

" " Superintendent of Stcam-CoIIiers 82 

" ** " " Canals 67 

Steam tilt-hammer shop 63 

Tonnage, passenger;, and receipts — Statement A 32 

Transportation and income 12 

Business of the Richmond coal-barges 18 

" '^ Schuylkill Canal and Transportation Line 16 

" " Susquehanna'' 17 

" " Steam-colliers 17 

Interest on bonded debt 20 

Net. earnings of Railroad 14 

Receipts 12 

Rentals of Leased Lines and Canals 19 

Total expenses 14 

PHILADELPHIA AND READING COAL AND IRON COMPANY. 

Accidents at collieries — Statement E 100 

Beneficial fund— Statement F 101 

Coal — Cost per ton — Statement C... 98 

General balance-sheet 88 

General income account 86 

Iron ore — Cost per ton at shipping point — Statement D 99 

Palo Alto Rolling-Mill 105 

Rails used in P. k R. tracks 106 

Reading Rolling-Mill 104 

Report of Chief Engineer 90 

•' " Superintendent of Rolling-Mill 102 

Tonnage from collieries operated by the Company — Statement A 93 

Tonnage of leased coll ienes — Statement B ^\ 



For the information of shareholders and landholders of the 
Philadelphia and Reading Railroad Company and of bond- 
holders of the Philadelphia and Reading Coal and Iron Com- 
pany, the Receivers of the said Companies publish the following 
report of the operations of both Companies for the fiscal year end- 
ing November 30th, 1880. 

For the purpose of preserving the continuity of annual reports 
the following statements embrace the operations of the Companies 
under the control of the Board of Managers prior to the 24th of 
May, 1880, when the Receivers were appointed, as well as those 
under the control of the Receivers since their apiK)intment, and 
the balance-sheets of both Companies herewith submitted and 
printed in the Appendix are joint balance-sheets of the Companies 
and the receiverships consolidated for more convenient reference. 
Differing from previoas reports of the Company, the item of 
Rentals of Leased Lines is not included in working exi)enses, 
which embraces, however, all expenditures of every kind except- 
ing Rentals of Leased Lines and Interest, and wherever compari- 
sons are made with the operations of the previous year the reports 
of the latter are recast upon the plan adopted for this report. 

The following table shows in a convenient form the result of 
the operations of the year : — 



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In the above table full Rentals and Interest accouutB are 
charged, including amounts previously paid by the Company In 
scrip and amounts still in arrears and unpaid. 

In the Appendix will be found fuller details of the Transporta- 
tion and Income accounts of the Railroad Company, and of the 
Income account of the Coal and Iron Company, in comparison 
with similar accounts of the previous year. 

Of the various lease<l lines of railway, the Catawissa Kailroad 
shows increased net earnings of $17,880.51, and the Philadelphia, 
Germantown and Norristown Railroad decreased net earnings of 
$25,262.25, compared with the previous year. The following 
table shows the result of the operations of the joint leased lines of 
the North Pennsylvania and Delaware and Bound Brook Rail- 
roads for the year : — 





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S20,2e4 13 








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The Express Department shows a net profit for the year of 
$102,363.09, against a prx>fit of $59,098.82 for the previous year. 

The results of the o[)eration8 of tiie steam-colliers and the 
canals in comparisQU with those of the previous fiscal year are 
shown in detail in the Transportation and Income account in the 
Appendix. 

The comparative traffic returns of the Railroad Company are 
shown in the following table : — 



Toul iDiiaks* It CoDiiJUi (WUO Ibt.). I 
■ ililil sf pimiictn null Qim|KiiJ'> m 



7,2«i;nB 5fioa,ii9 

3W,0B1 412,110 

ti,B33,Ka ia.3«3^iT I4,«rj,is» i 



0,332,423 
7.1 79,39* 
6.144 /M4 



8 



The total coal tonnage of the estates of the Coal and Iron 
Company as compared with the jear 1879 was as follows : — 



1879 

1880 

Decrease 



Mined I^ the 
Company. 



4,269,929 05 
3,460,VS4 03 



Mined by Tenante. 



1,300,322 08 
1,235,642 10 



809,465 02 



64,679 18 



Total. 



5,570,251 13 
4,696,106 13 



874,145 00 



The actual cost of mining and delivering coal into railroad cars 
for the year was $1AS^ per ton, as against $1.14^ in 1879, 
$1.23A in 1878, and $1.03^ in 1877. 

The total amounts of floating debt of both Companies, Receivers* 
certificates, and arrears of overdue interest for which either no 
provision has yet been made, or for which provision being made 
at a lower rate by the Receivers is as yet unaccepted by creditors, 
outstanding on the 30th of June A.D. 1881, were as follows : — 

Floating debt $9,744,809 47 

Receivers' certificates and obligations 2,668,166 87 

Arrears of interest, including July coupons of 
Greneral Mortgage and of Scrip, but not in- 
cluding $202,480 of coupons due July 1st, 
1881, on divisional Coal Land Mortgage 
Bonds for which provision has been made for 
payment or purchase at lower rates 1,901,792 95 

There are also about $200,000 of arrears of Canal Rentals yet 
unpaid. There are also claims against the Companies for losses 
on contracts on old iron rails amounting to between two hundred 
and fifty and two hundred and seventy-five thousand dollars, 
fWhich are as yet unliquidated, and of which no account has been 
taken in any of the above statements. 

In the Appendix will be found the reports of the heads of de- 
partments, and the various details which it has been heretofore 
customary to present with the annual reports of the Board of 

Managers. 

EDWIN M. LEWIS, 

FRANKLIN B. GOWEN, 

STEPHEN A. CALDWELL, 

Receivers. 
Philadelphia, July 15th, 1881. 



APPENDIX. 



Philadelphia & Reading R. R. Co. 



■•■■^1^^ 



TRANSPORTATION AND INCOME ACCOUNT. 
DETAILS OF RENEWAL FUND. 



MATERIALS ON HAND. 



GENERAL BALANCE-SHEET, Etc. 



I <■» 



REPORTS OF THE 



OENERAL MANAGER, 



CHIEF ENGINEER, 



AND 



Superintendent of Steam-Colliers 



WITH ACCOMPANYING 



REPORTS AND STATEMENTS. 



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23 



BENEWAL FUND, 1879-80. 



Dr. 



Viw Railroad Iron:— 



New mila laid down, 13,630.7 tona, ^ 964.6t ».. 9730,427 70 

LcM old imils tRken out; 12,838.7 "* & 31.28 » 401,818 47 



Xroihbb ahd Car«: — 

Rebnlldiog 2 Rlx-whe<»led shifting enginet, in place of Not. 54 and 120. fI0,586 12 

2 four- •* wharf ♦* *♦ « 208 •* 208. 6,760 34 

Work on 4 pamwnger engines, in place of Not. 224, 3O0, 348, and 349.... 0,848 17 

** ** 4 ten-wblM frt. enirines, in place of Nua. 43, 60, 72, and 1 10.. 23,007 08 

Work on 2 foar-whpeled ahifting engines, in place of Noa. 48 and 460... 230 76 

B^Niilding 2 eight-wheeled baggage cara 2,604 04 

** 1 eigh^wh^eled house car 481 64 

** 3 eight-wheelfd gondola can 827 67 

Work on 22 eigh^wheeled ore can 7,488 83 



S837,800 23 



60,033 54 



WoiXBMort:— 

Boiling-mill machinery $008 17 

Blachinery at Beading ahopa 806 15 

Kxtension of repair-shops, Palo Alto 778 72 



2,402 04 



DKroTt,^.:— 

Work on depot at Pine QroTe ; new dlspatcher*a office, Nicetown : 
frvight-honses in Philadelphia, Beading, and on North Penn ana 
Bound Brook Branches; now platforms at Pottstown and on North 
Fenn Branch ; new pump-house and well at Bridgeport; new water 
oolamna at Philadelphia, Reading, and Yardley ; new tanka at 
Belmont and Locust Summit; renewing pumping engine-house at 
Allentown; new scales at Pottstown, Lebanon, and Front A Noble 
8ta.; and new cattle-pens on Bound Brook Branch, Ac 



26,864 31 



BtiMM, Ac.: — 

Renewing bridges at Pottstown, Birdsboro, Auburn, and on Chester 
Valley, Baldwin, Mahanoy A Shamokin, Gennantown A Norristowa, 
. Plymouth, Tabor, North Penn and Bound Brook Branches; filling 
In and repnfring trestles at Dauphin, and on Baldwin, Moselem, 
Berks^ Lehigh, North Penn and Bound Brook Branches ; and cul- 
Tertsand draiitsatSwedeland, Bridgeport, Phoenixville, Reading, and 
on Philadelphia A Chester, Richmond, and Oermantown A Norrls- 
town Brancnes, Ac 



•7,013 80 



8uin>Riis: — 

• Straightening and widening tracks on Gennantown A Norristowa 

Branch $30,166 40 

Relocating tracks. Mine Hill Railroad at Glen Carbon, on East Ma- 

lianoy Itailruad, and on Mahanuy A Shamokin Branch ~ 23,086 64 

Ship-yard expenses at Port Richmond, rebuilding Willow Street wharf^ 

and fitting up coal-yard, Ac, in PhilNdelphia 6,812 06 

New cinder-pits at Falls, PhoBnixrille, Pottstown, and 3d A Berks Sts., 

Philadelphia 2,530 04 

PaTinr, curbing, Ac, at Philadelphia, Chester, Norristown, Reading, 

Miflin, and on Baldwin Branch 4,453 76 

Betaining-walls at Phoenixrille, Sanatoga, Reading, Shamokin, and on 

Philadelphia A Chester, and Germantown A Norristown Branches.... 6,402 05 
Hauling materials, superintendence, Ac 10.767 78 



Cr. 

By balance of Renewal Fund, 1878-70 $11,847 57 

" fire cents per 100 tons on 896,869,465 tons transported one mile in 

1870-80 448,434 73 

Debit bsJaoce of Renewal Fund charged Profit and Loss 



92,206 61 
$685,811 63 



46«),282 30 
$125/.29 23 



24 



STATEMENT OF MATERIALS ON HAND NOVEMBER SOth, 1880. 



AccoanU. 



Anthracite ooal. 
Axle8« 



Bitominoos ooal 

Boat - tackles — steam- 

colliers 

Boilers — steam-ooirs .. 
Car-gearing » 



Chairs, fh)g8, A spikes. 
Copper A other metals. 



Engine-gearing. 



Engine-tires 

Files and tools 

Hardware 

Horse-feed and stable- 
furniture 

Iron castings 

New iron rails 

Oil 

Old railroad iron 

Paints and oils 

Pig iron 

Properr wheels — steam 
colliers 

Ropes, blocks, Ac 

Safetj-switohes 

Scrap cast iron 

Scrap wrought iron 

Scrap steel and other 
metals 

Sills 

Stone, lime, Ac 

Stores — steam -colliers. 

Sundry materials 

Tallow, lard, Ac 



Items. 



Car 

Engine. 



Car-gearing... 
'' springs... 



Copper 

Lead 

Ant., tin, Ac.. 

Eng.-gearing. 
** springs. 
'' tubes ... 



Hooped. 



Quantity. 



Tallow, Ac... 
Cotton-waste. 



Tar and pitch — steam- 
colliers 

Timber and lumber 

Wheels 

Wood 

Wrought iron and steel Bar iron 

Boiler A sheet 



11,272.8 
4,177 
75 

12,399 



4 

229 

179.2 
8,916 
3,457 
0,998 

282 

125 



Steel.. 



100.4 
312.5 
44,209 
2,556.2 

108.7 

3 



1,205.8 
301.9 

26.1 
173,930 



44,531 
21,890 



2i 
6,024,573 
7,059 
2,523 
874.7 
202.5 
42.2 



Dencrlp- 
tlon. 



Tons. 

No. 
u 

Bus. 

$ 

No. 
$ 

No. 

Tons. 
Lbs. 

$ 

No. 
$ 

No. 
$ 

Tons. 

Galls. 
Tons. 

$ 
Tons. 

No. 

$ 

t< 

Tons. 

n 

Nn. 

$ 

u 

it 
Lbs. 



Galls. 
Ft B. M, 

No. 

Cords. 

Tons. 
<• 

(I 



Value. 



$44,897 00 
1,950 00 



$129,454 54 
910 00 



$2,783 50 
179 56 
930 43 



$126,978 94 
2,820 00 
3,756 32 



$3,119 54 
1,426 92 



ToUl Value. 



$52,528 78 

20,589 16 

8,073 72 



$28,787 16 



46,847 00 
1,208 67 

289 02 
1,439 29 



130,370 54 
22,113 24 



3,893 49 



133,555 26 

5,042 21 

54,507 38 

28,000 17 

4,481 04 

8,379 58 

15,231 25 

12,260 76 

69,015 30 

5,242 29 

5,378 48 

827 63 

1,775 57 

9,012 20 

32,556 60 

8,236 04 

3,759 36 

86,750 04 

2,625 37 

264 64 

13,851 15 



4,540 46 

17 

133,657 10 

63,058 00 

8,845 99 



81,191 66 



Total value of materia s on hand... $1,027,000 11 



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26 

BALANCE 

Philadelphia and Reading Railroad Company 



OAFITAIi ACCOUNTS: 

RailrMd, 

Depots, 

Locomottre-engines and can, .... 

*B«aI estate, 

Phila., Reading and PottsTille Tel. Go. stock, . 
East Pennsjlvania Batlroad Go. stock, . 
Beading and Golumbla Railroad Co. stock, 
Allentown Railroad Co. stock, .... 
East Mahanoy Rail mad Co. stock, . 
Mine Hill k, Scboyl. llaren Rtilroad Go. stock, 
Phila. and Rending Goal and Iron Co. stock, . 
Phila. and Reading Coal and Iron Co., bond 

and mortgHge, July 1st, 1874, 
Phila. and Reading Coal and Iron Co., bond 

and mortgage, Dec 28th, 1876, 

Steam-colliers, 

Snsquehanna Canal coal-barges, 

Schuylkill Canal coal-barges, .... 

Schuylkill Navg'n. Co. works and fhtnchises, . 



ASSETS: 

Cash on hand, 

Bills receivable, 

Freight and toll bills, 

Stocks and bonds held by the Company, . 

Materials on hand, 

New engines and cars, 

New tracks and sidings, main line and laterals, 
new bridges, depots, etc., and real estate, . 

Debts due to the Company and to the Re- 
ceivers : — 

Due by sundry branch roads, 91,054,282 2A 

" " P. A R. Coal & Iron Co., 6,939.215 6: J 

•• " connectln!?R.R.Co.'s, 214,52167 

*' on acc't current busineiis, 284,6:^96 

Coupons and interest purchased, 241,360 75 

Sundry debits, .... 1,280,456 97 

Funded coupons not yet matured :— 

Phila. and Reading Railroad Co., . coupons. 
Schuylkill Navigation Co., . . ** 

Susquehanna Canal Co., . . ** 

Discount, commission, and expenses of general 
mortgage loan, 1874-1908, issue of 910,U00,U00 
in January, 1876, 

INCOMB ACCOUNTS: 

Loss, per report November 30th, 1879, 

Add loss year ending November 30th, 1880, . 

f 
/ 

/ 
/ 
/ 
/ 

/ 

/ 

/ 
/ 

/' 

/ 
/ 

/ 

/' 
/ 
/ 

/ 

/ 



DumiKO TKAB1880. 



Increase. 



/ 



lieu tuaount ofdeenM§e, 
Totml mmount of tncrt 



129,737,966 63 
10/)00,000 00 



926,318,377 53 

4,194,711 39 

9,355,442 24 

7,688,344 25, 

20,730 OO! 

949yS58 13 

232,480 00 

820,582 99 

247,295 61 

159,499 75 

8,000,000 00 



39,737,965 

2,561,245 

21,448 

460,251 

1,000,000 



53' 

24 

45; 

14 

00 



9101,267,732 25 1 



9467,236 35 
197,992 56; 
784,211 77 



91,449,440 68 

7,148,428 28 

1,027,000 11 

708,903 90 

807,378 28 



9:^,306 41 

173,101 47 

5,630 41 



457,573 52 
291,400 12 
688,355 49 

445,982 16 



222,015 96 

1,761,295 85 

70,261 08 

230,475 75 



10.914,474 23 22,065,626 48 



91,185,35-I 00: 

55,200 00; 

141,342 UO' 



I 



1,381,896 00 
500,000 00 



92,104,862 72 
608,377 69 



2,613,240 41 508,377 691 



9127,818,494 14 9.'i,092,775 91 
. 1,271.758 16 



916.798 00 



20,946 81 
14,825 36 



1,06.3,536 00 
67,800 00 
88,863 00 



91,271,758 19 



\ 



ia,%'i\,oYi iv^ 



SHEET 

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28 



REPORT OF GENERAL MANAGER. 



Messrs. Edwin M. Lewis, ^ 

Franklix B. Gowen, > Receivers, 

Stephen A. Caldwell, J 

Philadelphia and Reading Railroad Company, 

Gentlemen, — I respectfully submit the following report and 
accompanying statements of the operations of the Transportation 
Department for the year ending November 30th, 1880. 

The total expenses, including cost of hauling and assorting cars 
in coal region and at Port Richmond, have been $6,100,956.42, 
an increase of $1,256,676.77, or 25^ per cent, in excess of those 
of the previous year. 

This is due to the following causes, viz. : — 

1. An increase of 10 per cent in salaries and wages of all em- 
ployees, and a considerable advance in tlie prices of materials and 
supplies used. 

2. Ex|)enses attending the operation of the North Penn and 
Bound Brook Division for five months — from December 1st to 
April 30th — longer than in the preceding year. 

3. Increased merchandise and passenger-train service. 
Compared with the previous year, there has been a decrease of 

968,181 tons of coal carried over Main Line and branches, equal 
to ll^g^ per cent; an increase of 1,075,851 tons of general mer- 
chandise, equal to 22^ per cent.; and an increase of 1,913,774 
passengers, equal to 24^ per cent. 



29 

506,182.17 tons of coal — an increase of 384,412.06 tons over 
the previous year — have been transported to Eh'zabethport via 
the North Penn and Bound Brook Division to Bound Brook, 
thence over the tracks of the Central Railroad of New Jersey, 
the motive-power and cars of this Company having been exclu- 
sively used for the service. 

The coal-train service performed during the year has been 
equal to 551,599,005 tons hauled one mile, a decrease of 7^^ 
per cent., and the general merchandise traffic has been equal to 
267,080,879 tons hauled one mile, an increase of 16^ per cent, 
as compared with the business of the previous year. 

The passenger traffic exhibits a marked increase, not only in 
the number of passengers carried, but in the increased average 
distance traveled. The total number transjwrted was 9,822,422 
as against 7,908,648 for the previous year; and while in 1879 
there were equal to 98,982,902 passengers carried one mile, in 
1880 there were equal to 132,837,063 carried a similar distance, 
an increase of 34^ per cent. 

The average distance traveled per passenger was 12/^ miles in 
1879; in 1880 the average distance was 13^ miles, an increase 
of 8 per cent. 

On June 30th the operation of the Berks and Lehigh Branch 
ceased to remain in charge of this department, and the expenses 
of its working for seven months only are included in this report. 

The business of the year has been conducted with regularity 
and promptness, very little interference with the movement of 
trains having occurred even during the most active periods of the 
coal trade ; notably was this the case in the months of September, 
October, and November, during which 2,393,638 tons of coal 
were transported. 

Twenty-eight locomotives for freight and coal-train service 
were purchased from the Baldwin Locomotive Works, delivery of 
which was made in the early part of the year. Ten locomotives 
were built at the Company's shops during the year, eight of 
which were to replace an equal number no longer serviceable. 

Of these thirty-eight engines, thirty-six are adapted to the use 
of waste anthracite, making in all now in the Company's service 
fifty-four locomotives adapted to this fuel, more than 13,000 tons 
of which have been consumed by them during the year, thereby 
effecting a saving of about $30,000. As in nearly all of the 



30 

• 

Btationaiy boiler-furnaoes of the Company fuel of a similar char- 
acter, but of lower grade, is used, the total quantity of which for 
the year was 11,077 tons, the aggregate saving by the use of this 
waste product has been about $53,000. 

The locomotives and cars of the Company have been main- 
tained in efficient working condition, and will be ready for the 
requirements of the coming business season. 

Such alterations having been made to the structures of the 
coal-breakers at the mines as will permit the passage of cars 
having greater carrying capacity, six hundred and forty-seven of 
the Company's eight-wheel coal cars have been enlarged by adding 
to the height of their bodies to such an extent as to increase their 
capacity two and one->half tons; it is proposed to continue the 
work until all cars of this class have been so enlarged. 

I beg leave to submit the following in relation to the Canals of 
the Company : — 

Schuylkill Canal. 

The cost of maintaining and operating the Schuylkill Canal 
for the year has been as follows: — 

For repairs and all other working expenses, including State tax 

on gross receipts , $169,952 32 

For expenses of Transportation Line 211,485 85 

|i381,437 67 

Compared with the business of the previous year, there has been 
a decrease of $65,845.58 in expenses and a decrease of 361,690 
tons of coal and general merchandise transported. 



Susquehanna Canal. 

The expense attending the maintenance and operation of this 
Canal for the year, including the State tax on gross receipts, has 
been $35,979.40, a decrease of $667.15 compared with that of the 
preceding year. 

The business of this Canal exhibits an increase of 9,195 tons 
of coal and a decrease of 19,629 tons of merchandise transported 
compared with the traffic of the preceding year. 



31 

I 

The report of the Superintendent and that of the Chief En- 
gineer of Canals are submitted herewith^with statements in detail 
^f the operations and expenses of this department of the Com- 
pany's works. 

Respectfully yours, 

J. E. WOOTTEN, 
General Manager, 

Philadelphia, December 28d, 1880. 



32 



STATEMENT A. 

I 

Business of the Philadelphia a)id Readuig Railroad for the year 

ending November SOthj 1880, 

TONNAGE. 

Coal Transported — ^Tons of 2240 lbs. 



WIIERB RECEIVED. 



From Broad Top coal region 

** Westmoreland county and other points 
west of Huntingdon 



Total 



Lkhiqh and Wyomino Coal: — 



BITUMIN-j ANTIIRA- 



ous. 



I 



CITE. 



18,880: 

274,178! 

i 

288,058! 



At Allentown and Summit 

'* Bethlehem and Bound Brook. 
** Belmont and Erie avenue 



Total from Lehigh and Wyoming regions. 

From Schuylkill, Northumberland, Colum- 
bia, and Dauphin counties 



587,032 

191,820 

187 



TOTAL. 



288,068 



779,039 



6,112,302 6,891,341 



Total Main Line, branches, and laterals. 288,068 6,891,341 7,179,399 



Tons op Coal hauled one mile. 

Paying Freight: 

Main Road 411,312,372 

Lateral lloads *107,546,976 



Company *s use. 



518,859,348 
23,992,726 



Total tons of coal hauled one mile t542,852,074 



£qual to through tons hauled 95 miles, 



5,714,232 



* Inchuling 2,fV91,C7l tons hauloil one mile tiv cnginefl of other Companies, 
t Not including ll,4:)8,0u2 tons hauled one mile by P. & R. engines over Central Bailroad of Naw 
Jersey. 



33 

Merchandise Transported— Tons of 2000 lbs. 

Paying Freight 5,144,044 

Company's use 741,036 

Total 5,885,080 

Tons of Merchandise hauled one mile. 

Paying Freight : 

Main Road 164,071,125 

Branch Roads 89,238,370 



253,309,495 
Company's use 13,771,384 



Total tons of merchandise hauled one mile 267,080,879 

Equal to through tons hauled 93 miles 2,871,837 

Total tonnage of road for year on main road and laterals, 

including weight of passengers, in tons of 2000 lbs.... 14,842,766 

Total amount of coal transported to date, tons of 2240 lbs. 119,581,340 

Total tonnage of road to date, tons of 2000 lbs 199,438,027 

PASSENGER TRAVEL. 

Total number of passengers during year 9,822,422 

" " " miles traveled by same 132,837,063 

Equal to, in through passengers (93 miles) 1,428,357 

Toul number of passengers to date 90,009,293 

RECEIPTS OF ROAD. 

From freight and tolls on coal $8,357,811.55 

" " on merchandise 5,058,144.60 

" passengers 2,674,457.12 

" transportation of U. S. mail and other sources 848,472.32 

Total receipU $16,938,885.59 



34 
STATEMENT B. 

Expenses of Transportation Dep't for the year ending Nov, SOth, 1880, 

RUNNING ACCOUNT. 

Wages of engiocera, conductors, firemen, 

brakemen, plane hands, &c $2,072,512 16 

Wood, 5438 cords 15,125 03 

Loading, unloading, and cutting wood 7,492 25 

Oil, 350,214 gallons 83,280 97 

Tallow, lard, grease, and cotton-waste 63,457 10 

Coal for locomotives and plane engines, 

413,343 tons 1,070,728 61 

Expenses of telegraph 65,177 20 

Pumping water, and sundries 89,014 04 

$3,466,787 36 

WORKSHOP ACCOUNT. 

Wages of machinists, blacksmiths, carpen- 
ters, mechanics, and shop hands 81)034,149 29 

Bar iron, steel, blooms, &c 109,435 68 

Iron castings 42,261 41 

Copper, spelter, tin, lead, &c 29,747 24 

Timber and lumber 71,118 60 

Anthracite coal for shops, &c 10,358 72 

Bituminous" " 6,258 32 

Oil and tallow " 5,969 07 

Hardware, tools, paints, and wire ropes for 

planes 92,744 94 

Wheels for cars, engines, and tenders 71,844 60 

Axles " " " 24,510 43 

Tires for engines 1,857 76 

Sundries 23,356 12 

1,523,612 18 

DEPOT ACCOUNT. 

Wagesof hands $184,539 40 

** " watchmen at depots, switches, &c. 176,334 10 
" " " " signal-towers 42,512 23 

Sundries 87,146 09 

490,531 82 

SUPERINTENDENCE ACCOUNT. 
Salaries of all officers, clerks, agents, &c 530,1 72 36 

OFFICE ACCOUNT. 
Stationery, printing, and sundries 89,852 70 

$67100,956 42 



35 



STATEMENT C. 

Division of Expenses of Transportation Department for the year ending 

November 30th, 1880. 



Traotportation of coal from ooal region, Harrisburg, 
Ac, to Port Riohmond, Philadelphia, and other 
points (through tons of 2240 lbs.) 

Transportation of merchandise between Pottsville, 
Harrisburg, Philadelphia, and all other points, 
SUtement L (through tons of 2000 lbs.) 

Transportation of passengers between Pottsville, Har- 
risburg, Philadelphia, and all other points, State- 
ment K 

Saperintendence, including salaries of all officers, 
clerks, Ao 

Wages of watchmen at depots, switches, crossings, 
and signal-towers 

Expenses of delivering ooal and merchandise, and 
haaling cars for all purposes, at Reading and other 
depots 

Office expenses, stationery, printing, Ac 

Expenses of telegraph, including salaries of operators. 

Sundry expenses, express engines, Ac 

Total 



Ko. 



5,806,305 



2,871,837 



9,822,422 



Cents. 



47.64 



41.95 



Amount. 



$2,765,958 18 



1,204,735 62 



10.18 ! 999,922 56 
530,172 36 
218,846 33 



124,963 80 
89,852 70 
65,177 20 

101,327 67 



$6,100,956 42 



36 



STATEMENT D. 

Number of Engine»^ CarSf dcc,^ vpan the Philadelphia and Reading 

Railroad, November SOth, 1880, 

LOCOMOTIVEENGINES. 

459 first-olass engiDes. 
43 BecoDd " " 
4 fourth " " 



506 total. 

COAL CARS. 



• 



Eqniralent Ko. of 
foar-wbe«led Oan. 



3 eight-wheeled iron coal cars 6 

7,815 " wooden coal cars 15,630 

1,429 four-wheeled iron coal oars 1,429 

5,729 ." wooden coal cars 5,729 

14,976 total. 22,794 

FREIGHT CARS. 

1 sixteen-wheeled platform gun car 4 

1,763 eight-wheeled house cars 3,526 

149 " cattle cars 298 

2,525 " gondola cars 5,050 

221 " lime cars 442 

29 " ore cars 58 

69 " oil cars 138 

28 four-wheeled house cars , 28 

38 " gondola cars 38 

50 '' sand and ore cars 50 

57 " stone cars 57 

314 " lime cars 314 

5,244 total. 10,003 

PASSENGER CARS. 

430 eight-wheeled passenger cars 860 

61 " baggage cars 122 

15 '^ mail and baggage cars 30 

506 toUl. 1,012 

Carried forward, 33,809 



37 

Eqoiralent No. of 
fonr-wheeled Can. 

Brought forward, 33,809 

In addition to the ahove, the following are used in the 
management of the road : 

TRANSPORTATION DEPARTMENT. 
12 eight-wheeled house cars, wreck trains 24 

18 " gondola oars, with cranes 36 

2 " crate cars, for sawed wood 4 

5 four-wheeled house cars, for wreck trains 5 

57 " open cars, for cord wood 57 

3 " " " " depot fuel, &c 3 

47 " dump cars 47 

144 total. 176 

162 four-wheeled cabin cars, for signalmen. 162 

63 stationary steam-engines, for workshops, pumping, 
and sawing wood. 

19 snow-plows. 

24 carts, wagons, and drays, for freight and materials. 

81 express wagons. 

148 horses and mules, at Philad'a and elsewhere. 
125 express horses. 

28 extra tenders for locomotives. 

4 dirt-scows, in use at Schuylkill Haven and Port 

Clinton landings. 

2 four-wheeled sweeping cars, for cleaning snow from 

tracks. 2 

ROADWAY DEPARTMENT. 

19 eight-wheeled house cars 38 

37 " gondola cars 74 

26 four-wheeled '* " 26 

3 " lime " 3 

6 " stone " 6 

16 " house, crane, and scale test cars 16 

407 " dumping cars 407 



514 total. 570 



Total, 21,548 cars 34,719 

2 steam engines at Pottst'n shops. 3 carts. 

7 portable engines. 1 dredging machine. 

3 " pumps. 17 scows. 
6 lumber and stone trucks. 2 skiffs. 

SHIPPING DEPARTMENT. 
2 steam tugs. 



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50 



STATEMENT F. 

Work and Cost of Repairs of all Locomotive- Endues /or the year ending 

November 30th, 1880, 
Miles Run. 



HOW EMPLOYED. 



Main Line Transportation Department. 
Shipping 
Koudwav 






(< 




" Renewal 






CLASSES. 



30,621 
10,049 



On Main Lino, total 

Lateral railroads in coal region 

Lebanon Valley Branch 

Chester Valley Branch 

East Pennsylvania Branch 

Colebrookdale Branch 

Allentown Branch 

Lebanon & Tremont Branch (south). 

*» " *' ^orth). 

Germantown A Norristown Branch. 

Pickering Valley Branch 

Schuylkill and Susquehanna Branch. 
Catawissaand Williamsport Branch. 
Philadelphia and Chester Branch... 
Berks and Lehigh Branch (to June, 

inclusive) 

North Penn and Bound Brook Div.j 1,764,427 
Foreign Railroads 633,178 

Totals 10,932,097 



8,404,093 

2,001,768 

680,679 

60,452 

864,497 

62,249 

20,889 

71,988 

196,261 

839,901 

24,090 

217,744 

700,609 

60,897 

68,436 



2d. 



I 



4th. 



108,6771 18,029 

109,249 

21,428 



217,926 



89,462 
87,309' 17,669 
8,9761 1,697 
176 
600 



688 



60 
62 



482 
272 



119 



1,646; 3,790 

68 

128 

862 

646 



TOTALS. 

8,490,229 

109,249 

61,944 

10,049 



8,661,471 

2,106,786 

686,262 

60,627 

855,685 

62,249 

20,889 

72,470 

196,585 

845,286 

24,148 

217,991 

700,961 

51,442 



356 



868 69,159 
186,866 7,682' 1,968,876 
6,846 411 540,436 



605,783,73,32611,611,156 



Total number of tons hauled one mile on Main Line, 
and all branches, including weight of cars, bat ex- 
clusive of engine and tender 2,132,601,826 

Average weight of throngh loaded coal trains down, 
exclusive of engine and tender , 

Average weight of through empty coal trains up, ex- 
clusive of engine and tender 

Average weight of through passenger trains, exclusive 
of engine and tender 

All in tons of 2,000 pounds. 

COST OF REPAIRS OF EINGINES. 

Wages of all mechanics 

Iron, steel, brass, &c 

Superintendence, tools, paints, &c 



927.9 



329.3 



120.6 



8320,162 89 

207,825 03 

33,701 36 



8561,689 28 



147,173,736 



Total miles run by all engines owned and used by the 

Company, from May, 1838, to Nov. 30th, 1880 

Total number of tons hauled one mile, between same 

dates 31,452,250,364 



51 



STATEMENT G. 

Q>9t of Repairs and Renetoah of Coal and Freight Cars and Repairs 

of Passenger Cars on the Philadelphia and Reading Railroad 

for the year ending November SOth, 1880, 

COAL AND FREIGHT CARS. 

Wages of all mechaoios (413,739 88 

Umber, iron, steel, &c 280,752 06 

Snperintendeoee, took, painte, oils, &c 44,329 28 

Total $738,821 22 

PASSENGER CARS. 

Wages of all mechaoios 994,440 61 

Ember, iron, steel, &c 79,330 12 

SnperiotendeDee, tools, paints, yamish, &c 15,110 50 

Total $188,881 23 



52 



STATEMENT H. 

Items of Cotty in detail^ of Hauling Coal on the Philadelphia and 
Reading Railroad for the year ending November 30th, 1880. 

Per roand trip of 190 miles, from Coal R^ion to Tidewater, 

and back with empty cars, 

transporting average loads of 680.1 tons, 

and average through loads of 534.5 tons, 

of coal, of 2240 p>ounds each. 



ITEMS OF COST. 



' No. < DewriptioD. 



Wages of engineer.. 2 

" ** fireman 2 

" " conductor 2 

** '^ brakemen and signalmen 6 

Anthracite coal for fuel.. 11.8 

Oil and tallow for engine and tender, in- 
cluding lamps 

Oil and grease for Company's cars.s 

Kepairs of engine and tender 190 

" ** Company's coal cars 

"Water used. 17 

Wood for kindling, &c.. .15 

Assistant engines at Falls grade 534.5 

Car-couplers, timekeepers, dispatchers, and 
all other expenses 534.5 



Days. 

it 

(I 
(I 

Tons. 

Trip. 

it 

Miles. 

Trip. 

M. Galls. 

Cords. 

Tons. 

ti 



Arenige 
Bat«. 



I 



$8 28 

2 26 
2 20 
2 00 
2 57 



6.8 



6 
8 95 



.55 

.89 



Amoant. 

96 66 

4 52 

4 40 

12 00 

80 38 

1 60 

2 70 
12 90 
41 45 



1 



02 
59 
94 



4 76 



$125 77 



Equal to 18.5 cents per ton, 

or 23.5 cenls per ton carried through 95 miles. 



63 



STATEMENT K. 

Itenu of Costy in detail^ of running Passenger Trains on the Philadel- 
phia and Reading Railroad for the year ending Nov, SOth^ 1880, 

Per Daily Trip of 93 Miles. 



ITEMS OF OOST. 



Wages of engineer ^ 

*' *' fireman 

(• « conductor 

« « baggage-master.. 

" " brakemen 

Anthracite coal forfael 

Wood for kindling 

Water used 

Oil and tallow for engine and tender, 

including lamps 

Oil and grease for cars 

Bapairs of eiieine and tender 

<( <( and refitting cars 

Hands at depots, extra engines, &c 

Sundries for train, gas, and all other 
expenses 



No. 


Detcriptlon. 


Average 
Bute. 


1 
1 


Day. 




1 


n 




1 


it 




2 
2.7 


n 
Tons. 


$1 90 
2 67 


.1 


. Cords. 


8 95 


4 


M. Galls. 

Trip. 

n 


6 


98 


Miles. 

Trip, 
li 


4.7 



Amount 



$3 86 



2 
2 



08 

98 

1 95 

8 80 

6 94 

40 

24 



4 

7 
2 



62 
19 
88 
28 
01 



2 20 



$88 28 



Equal to 10.18 cents per passenger, at 876 passengers per train. 



54 



STATEMENT L. 

Itevu of Cost, in detail, of running Freight Trains on the Philadelphia 
and Reading Railroad for the year ending November SOth^ 1880, 

Per Daily Trip of 93- Miles. 

Transporting average loads of 244.8 tons, and 

average through loads of 119.2 tons, of 

merchandise, of 2000 lbs. each. 



ITEMS OF OOST. 



"Wages of engineer 

'' ^' fireman 

" ** conductor 

*' *' brakemen and signalmen.... 

Anthracite coal for fuel ^ 

Wood for kindling, &c. 

Oil and tallow for engine and tender... 

Oil and grease for Company's cars 

Water used 

Repairs of engine and tender 

" ** Company's cars 

Depot hands ana other depot expenses. 

Renewals of sundry articles, goods 

damaged, &c 



No. 


DMCription. 


Arerag* 
Bate. 


1 
1 


Day. 




1 


II 




8 


II 


$2 10 


4.1 


Tons. 


2 57 


.1 


Cords. 
Trip. 


3 95 


7 


M. Galls. 


6 


98 


Miles. 

Trip. 

i( 

II 


4.6 



Amount. 

$8 5t 

2 17 

2 22 

6 80 

10 54 

40 

80 

42 

42 

4 82 

12 28 

4 12 

2 50 

$50 00 



Equal to 20.47 cents per ton, 

or 41.95 cents per ton carried through 98 miles. 



55 



STATEMENT M. 

Chst of Tramportation over Philadelphia Branch, Junction y and Willow 
Street Railroads^ and of Horse-power and other Hauling Expenses in 
Philadelphia, for the year ending November SOth, 1880. 

Amoaot paid Philadelphia, Wilmington and Baltimore Rail- 
road Company for tolls....... $13,676 11 

Amount paid Junction Railroad Company for tolls 69,125 04 

Agents, hands, and sundry expenses on Broad and Willow 

streets, Philadelphia 23,870 49 

Cost of teams on Broad and Willow streets, Philadelphia.... 34,155 73 

Cost of engines hauling cars between Falls and Broad street. 16,542 00 

$157,369^ 
Less amount received for hauling coal and merchandise... 98,832 82 

Net loss, included in Transportation expenses $58,536 55 



STATEMENT N. 

Poinli of Supply and Dittribution of AntJiraette and Bi/aminoiu 
Goal on the Philadelphia and Reading Railroad and BraneKet for 
the year ending November SOt/i, 1880. 



Received from Schuj'l Vsllev Branch, 81,158 13 

" " Mill Creek Br'anch 61,632,nj 

" •< Uahinov and Slinmo- ' 

kin BraDch 1,637,086.19 



Total at Port Carbon 1,760, 

Received from Momi Curbon Branch, 

at Honot Carbon 

" Mine Hill and Schuyl- 
kill Haven Branch, at 
Schuylkill Haven ,1,842, 

" " Lebanon and Tremooi 

Branch, at PineOrove 

" " Little Srhuy'l Branch, 

at Tamaqiia 



,878.08218,180.18 
,948.04: 7,767.19 



,819.08:167,287.16 . 

i 568,438.14' 7,874.16 
I I 

678,618«i 64.191.12 

4^^7!o4 460,262^9 



Received at Allcnlown and Summit 667,081.19 

" " Belmont and Erie avenue, 187.04 

" " Bethlehem and Bound • 

Brook 191,820.06 



Biluminouti receiTed at Uarrisburfr, 
DiiwninRtown, Belmont, Sixteenth 
ttreet, and Erie avenue.. 



Total delivered on Main Line and 



15,169,626.12460,262.19 

i I 

.. 288,668.02' 4,889.16 
..15,463,294.14 464,642.14 



ShipH »<>' >'■» -Lebi^h Vallev R. R., 
Shipped w(»t via Cntuwiua aiiil Wil- 
linmrjHirt Brdnch and 'Northern Cen- 
tral Railway 

Consumed on laterals 



Tolal of all, tons of 2240 lbs 



STATEMENT JH.—Cbntimed. 
Dittnbution of Coal on Main Line, Bmnehe*, and Laterah. 





ANTHBACIT.. 


•ssis- 




!"™'— ^ 


B.ii^™™. PI.. a™« 


,"- 1 n'r 1 

^"'■'"- '>«i-c. 


M«l,Ml.U 


'- 




™:..: 
























"■■"■J:!; 




1 ■ ■ 1 i.'- 7 


■ ■■^*j;::;::;:::::: ::::-:: 


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w»«: — 
























1.021.1(1 

3,«3.i: 

3.MT.W 
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s,is9.n5; 
m.oe' 

1,WT.03 

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■« 

439.16 
S.M4.(n 

lOMW-nl' 

12.11 MO 






80»:iB, 80.00 

so.oj' tor 
3t,ia3.is is^Ao.it 
i^sn.oa siaos 

18,180.13; l.BM,ia 

'H'm i,m»\ 

B/IM.li M.lfll.l6 
SM.OB MT.18 

ni,«(i;ii «ein 


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s>».oT "iiiio !:!.'^r7 ■ 

SpWioi, ■ 

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BUS i.41.).lll 

Ml.lS. HIM 

4,7;!0.13 1118,0*1.11 

«J3,I« 

IJW8.0S 1.1.11 




■rd Pkkrrv 

ESo-: 


V70.IS M.11 
lT.34e.la! 271.1S 

e.goe.asi a.ts 
»«:h 8.<o 
sn.W| 10.18 

M.«o(i.i4 S3i.ua 


Gjai.tS 70.03 

7!,4oa.ot a«,ut.oi 
le.nu.og I im.M 


1.T.E.H 


M24.11| MlJji 

174.»9O.10 M^8.1« 
liTTT.lB 87.07 

141.01 n lOj Ml .at 


I Bmok B™... 


1UI3.U1 2T4.1S 

i.»e.ii M8.1S 













lB«.0g7.11t 2i.30S04 



' isa/iBir. 80.S80.W 9i.iM.m \Mfium ... 



'Srh. n>Ml.. 

tIb cki. i 

*S.O.E.VI 



I l,'<4£^10.0:i 5G»,4.'U.14 






..| LilB,27S.11 .. 

4 £,2»I441.03 806,4.10.00 



.. i»,is«,«se.i:!»3,Mej)i 
.. 4e7,B2e.i3 



S, H>.S4tJ» 0^1.3M.UWSf&-tX( 



/ 



; 






. (7. KIT. TllSbuBokln. 



• iwiur Oap and Xt. CuiufL 



58 



STATEMENT ^.—Continued. 

Distribution of Anthracite Coal shipped on the Schuylkill Canal during 

the year ending November 30th, 1880, 



GONSIGNED TO 



Schuylkill Haven.^ 

Hamburg 

Shoemakersville 

Mohrsville 

Leesport 

Felix's #)am 

Leize's Dam 

Kissinger's Dam 

Reading 

Yost's Landing.... 

Monocacy 

Union ville 

Pottatown 

Parker's Landing 

Prick's Locks 

Lawrenceviile 

Spring City 

Royer's Pord 

Phoenixville 

Norristown 

Conshohocken 

Manayunk 

Palls of Schuylkill 

Philadelphia and points within 
the Capes of the Delaware... . 

Through Chesapeake and Dela- 
ware Canal 

Through Delaware and Raritan 
Canal 

Total, tons of 2240 lbs 



105 00 
178 00 



174 00 
94 00 



628 00 

" 17600 
i'634'06 

36,299 00 

548 00 

28,815 00 



From 
Port Clinton. 



Tom, Cwt. ' 

9Tob 



349 00 

2,109 00 

48,151 00 

5,461 00 



From 
SchuyM HareD. 


TOTAL. 


Ton«. Cwt. 


Tonw. Cwt. 


28 16 


28 16 


2,232 10 


2,828 10 


649 10 


649 10 


280 10 


280 10 


4,440 00 


4,440 00 


1,555 00 


1,555 00 


450 00 


450 00 


284 00 


889 00 


8,364 10 * 


8,542 10 


28(100 


280 00 


15,178 00 


15,173 00 


1,056 10 


1,280 10 




94 00 


897 00 


897 00 


234 00 


284 00 


902 00 


992 00 


18,282 00 


13,910 00 


522 00 


522 00 


1.890 00 


1,890 00 



525 (X) 

2,100 00 

49,185 00 

5,461 00 



201,937 10 ' 288,286 10 



1,647 00 
144,586 00 



2,195 00 
173,401 00 



68,142 00 456,846 16 



524,988 16 



59 



STATEMENT O. 

DistribtUion of Items comprising Net Expenses of Th'ansporiation and Road' 
way Departments for the year ending November SOth^ 1880, under the heads 
of Cost of Transporting Coal, Merchandise, and Passengers, 



rTEMS OF COST. 



Net eott of transporting each, 
M per Statement C 

Snpwintendence, watchmen, 
oiBee expenses, telegraph, 
delirering coal and mdse., 
Ac 

Roadway expenses 

Contingent expenses in Phil- 
adelphia 



COST OF Ta/kNSPOBTINO. 



Coal. i Merchandise. 



Paaaengert. 



$2,765,958 18 $1,204,735 62 



706,190 04 287,195 86 
825,891 62 279,869 67 



Total 
Net Kxpensi 



$999,922 56 $4,970,616 36 



158,307 67 1 1,151,693 57 
292,620 60 1,398,381 89 



$4,298,039 84 $1,771,801 15 $1,450,850 83 $7,520,691 82 



189,018 23 112,683 94 



61,794 42 



363,496 69 



'$4,487,058 07 $1,884,485 09 $1,512,645 25 $7,884,188 41 



BISTRIBUTIOK OF EXPENSES. 

15^ cents per passenger. 

36^ " " to° of merchandise. 

75^ '' '' '' ^*'^ o^ Main Line and branches. 

52J^ a it u u ji^iQ Xiine, branches, and laterals. 



( 



STATEMENT P. 

Ill PkOiuUlplila ami RujU 



s>jm«ixrawi,.mo. 




BESCEIPTION. 


ToUDt 

MWIbi. 


Ashes, pot iind pear! 


r,i74,3iS 

S0.T8I 
S,TI* 
eo,64B 


Ale, hmr, porter, elder, uid malt llquon 

Agrioallurn! impleniciita 

Blooms ond puddled hurt 



Sdoki anA lucionsij ; paper, all kindi _. 

fiooti and aboe* 

Bran, Jiblpttuff, ohap, and inlddlingi 

BnltBT &Dieggi 



Cottan and wool 

China, glut, Ktid qneenBWH 

Coke Had oindon. 

Clay and mud 

Drj goodi and earpatlng 

Emptj bag«, barreli, and boxM 

Engiuu and r»t«. „ 

Floor 

Foreign llquon, braody, Ao.. 

Furniture, all kindi, and planoa.. 

Fresh Gih, mwit. and fVolt 

Orooerlea, coffee and tea, rwDfeatioBair, Hoe 
Grain of all ktodi 



re and cutler? anvila, Ao... 



Leather, hides, and ■kini... 

LiveiWok 

Marble of a1 klndi... 
Maithinsry (teaui-enginci, 

HolaaHa and ijrupt 

HaDltloni of war 



Tar. pitoh 
WhlsVy, ■ 



Irlag of ercr; deBciiption not itated .. 
ll paying freight. 



Pluler, whole 


andgroond. 








PlpM and 
PotDloel. 
Paints an 


Hues 





HrtT" 


luffs 


Aailroad 


ron, 


allsiiee 


Rope., eo 


d.Ke 


and rigging 








Sbingles, 


ihoo 








e-pl»te«flrailki..di 


8«ids of all ki 




Sugar.... 












Salt beef, 




and lleb 






, cord-wood, sills, and lathi 


Tobaeoo 


ndo 


g»" 



87,015 
S5,9T2 



enr 

13,437 
35,01! 
!e,Sfll 
490,0511 
SS,«5B 
T,T43 
18,887 
3S,3S8 
S2,2Ta 
9M,220 
233,112 
117,044 
486,150 
I4,30S 
60,108 



fi,«85 

240,630 
18,130 
485,782 
53,4SS 
40,.121 
24,839 
207,390 
8,100 
3,5TB 
52,258 
14,811 
B,338 



6,080 

22 0,071 

12,I3«,105 



Aotbnutllt ootl... .. 

■Biiualaoat eoaL... 

Totm]. 



'j4Ml\ ■V.'M 



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67 



BEPOBT OF SUPERINTENDENT OF CANALS. 

ScHiTYLKiLL Hayen, 29th December, 1880. 

J. IR. WooTTEN, Esq., 

General Manager. 
Dear Sir, — The following report of the business of the 
Transportation Department — Canals, for the year ending 30th 
November, 1880, is respectfully submitted. 

The Schuylkill Canal 

was opened for business on the 25th of March. Shipments of 
coal commenced on the 31st, with no interruptions to navigation 
until the latter part of June, when the first effect of the drought 
was felt at Spring Mill and Conshohocken, and proved more 
damaging during its continuance, in lost time to the boating in- 
terest, at these than any other points on the line of navigation. 
Two hundred and forty-five (245) barges with cargoes were de- 
tained an average of 389 hours each. 

At Blue Mountain and pools above to shipping point, later in 
the season, one hundred and ninety-nine (199) cargoes averaged 
247 hours detention each. Relief was only afforded during the 
first week of November by rainfall. 

The gross tonnage, receipts, and expenses, as compared with the 
year 1879, were as follows : — 

TONNAGE. 



Tear. 



1879. 
1880. 



Goal Tonnage. 
(2240 Ibfl.) 



910,917 06 
524,988 16 



Merchandise 
Tonnage. 
(2240 Iba.) 



81,189 00 

106,427 18 



Total Tonnage. 
(2240 Ibfl.) 



992,106 06 
680,416 09 



Tear. 



1879. 
1880. 



1879. 
1880. 



BECEIPT8. 



Goal. 



Merchandifle. 



$859,704 42 
475,096 88 



$61,974 66 
52,284 28 



Miflcellaneoufl. 



Total. 



$44,821 57 
45,752 46 



$466,000 65 
573,188 07 



EXPENSES. 



Tear. 



Total. 



' Arerage cost per ton. 
(20U0 Ibe.) 



$152,072 81 
169,962 82 



13^ cents. 
24 



(( 



68 



The forgoing statements show a loss in 

Gross tonnage of 361,689^ tons, or 36^ per cent. 
Gross receipts, an increase of $107,132.42, or 23 per cent. 
Expenses, " $17,880.01, or ll^g^ per cent 

The cost of maintaining and operating this Canal per gross ton 
has been 29^^ per cent, of gross receipts. 

Navigation was suddenly suspended by ice on the 22d of No- 
vember, and practically closed for the season at that date between 
Schuylkill Haven and Reading. 

Below Reading fifteen line-barges with cargoes were forced 
through to Fairmount, and finally reached the line of the Dela- 
ware and Raritan Canal, where they will remain for the winter. 

The total of cargoes ice-bound number one hundred and thirty- 
five (135). One hundred and fifteen (115) of these are on the 
line of this Canal, and twenty (20) at points outside. 

The following statement shows the number, class, clearances, 
coal tonnage, and percentage entitled to and received by each class 
of boats plying upon the Schuylkill Canal during the season of 
1880:— 



CLASS. 



AverAge Number , | Number of i 

u»n» of Pc-rcenugc' Cloaraacei. Pcroentagv, Coal ToDoage. Pcreenta(«. 

in cargo. Boat*. Ill, , 



Company 

Leased and free. 



Total. 



180 I 321 
165 234 



58 
42 



555 



100 



1813 
1207 



60 1 325,890 OOj 62 
40 199,098 16 88 



3020 



100 i 524,988 16 100 



The larger percentage of clearances and tonnage of the Com- 
pany boats is due to the fact that they are always earlier repaired 
and on hand in the spring, and run later in the fall than leased 
and free boats. 

• SUSQUEHANXA CaXAL. 

This Canal was opened to the trade on March 15th, local ship- 
ments having commenced at the lower end of the line as early as 
the 10th day of March. The last clearance was issued at Wrights- 
ville collector's office on the 6th of December. Practically, the 
Canal closed at Wrightsville on the 22d of November, and at 
Havre de Grace on the 8th of December, 1880. The result of 
the yearns business is shown in the following statements : — 



69 



TONNAGE. 



Tear. 



1879. 
1880. 



Coal Tonnage. 
(2240 Ibfl.) 



286,824 06 
246,019 10 



Increase.. .4. 9,195 04 DeA-ease. 19,629 00 



Mercbandlse Tonnage. 
(2000 Ibfl.) 



106,882 00 
86,763 00 



Total Tonnage. 
(2U00 Ibfl.) 



871,625 05 
862,294 17 



Decrease. 9,830 08 



RECEIPTS. 



Tear. 


1 

Coal. , Merchandise. 

1 


Miscellaneons. 


Total. 


1879 
1880 


$24,877 74 
84,916 78 


$20,885 99 
18,708 69 


$5 00 
1,685 08 


$44,718 73 
55,260 55 




Inc.. .$10,589 04 


Dec. $1,627 30 


.Inc. $1,630 08 


Inc. $10,541 82 



EXPENSES. 



Tear. 



Total. 



1879. 
1880. 



$36,646 56 
85,979 40 



Decrease... $667 15 



ATerage cost per ton. 
(2000 Ibfl.) 



9j*5 cents. 

9 (( 

»Tff 



Statement in detail showing the total expense of operating and 
maintaining the Company's Canals, and the cost per ton, as charged 
to the several expense accounts for tlie year 1880 : — 



CLASSIFTCATION OP 
EXPENSES. 



CollectorR* wages 

Locktenders' wages 

Shipping, loading, and trimming. 

Repairs and maintenanoo 

8tc*m towing between Columbia 

and Wrightdville , 

State tax on gross receipts, <S;c... 
Sundriea, office expenses, ike , 



Total. 



SCnUTLKILL CANAL. SUSQUEHANNA CANAL. 



Amount. 



$7,169 19 
27,506 82 
28,467 86 
99,925 60 



4,219 05 
2,663 80 



$169,952 32 



Cost per ton. 

(2000 H»8.) 

Cents. 



4 
14A 






24 



Amount. 



$2,467 46 
6,091 08 



Cost per ton. 

(2000 llHj.) 

Cents. 






20,040 35 

2,917 93 

285 97 ; 

4,176 61 1 



$35,979 40 



•'10 



5 
Iff 

'A 



9 



SoHUYi-KiiJ^ Canal Teanspobtation Line. 
The tonnage carried by line-bai^es compared with the year 
1879 shows a decrease of 146,284^ tons ; the receipts, a decrease 
of $84,337.63, and expenses, a decrease of $83,725.59. Included 
in the expenses of the Line is the coet of two new baizes delivered 
last March, amounting to |3502, leaving a net profit of $33,364.76 
on the year's bueiness, as per appended statement. 





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71 

The following statement shows the number of barges belonging 
to the Company at the close of the year^ and the mule stock 
account for the year. 

Schuylkill Canal Transportation Line. 

The number of barges belonging wholly to the Company^ as 
per last year's report, was — 

Inserrieeon Sehaylkill Canal 320 

New barges aoqaired daring 1880 2 

In good condition and repair for freighting in 1881 322 

The number of barges repaired at Company's Sehaylkill Haven Boat-Tard in 

1880 was *593 

Nnmber of above barges docked 346 

'* ** " whoUy painted and repaired.., 123 

*' ** ** decks painted only and repaired 112 

Schuylkill Canal Transportation Line. 

Mule Stock Statement J year ending November SOth, 1880, 

On hand December 1st, 1879 388 

Lost by death daring the year 9 

Condemned and sold daring the year 60 

69 

Total on hand December Ist, 1880 t'^19 

Very respectfully, 

T. C. ZULICK, 
Superintendent of Canals. 



* Incladad in the above were the leased barges Wild Cat, Ann Garrigan, Rising Snn, J. M. 
Treck, Capt. C. M. Felt, Imogene, Dirigo, and Richard A William, rebuilt for account of lessees, 
and cost thereon charged againnt their reepective barges. 

t Thirty mules frum this number were transferred on the 10th and llth of December to Trans- 
portation Department, P. A R. R. R. Co. 



72 



REPORT OF CHIEF ENGINEER OF CANALS. 

Office of Chief Engineer of Canals, 
Reading, Pa , January 7th, 1881. 

J. E. W(X)TTEN, Esq., 

General Manager. 

Dear Sir, — The following report relative to the repairs and 
maintenance of the canals for the year ending November 30th, 
1880, with accompanying statements, is res[)ectfully submitted. 

Schuylkill Canal. 

This Canal was ojiened for business on the 25th of March, and 
continued in operation free from floods, and without accident to 
any part of the works, until closed by ice on the 22d of Novem- 
l)er. Navigation was subsequently resumed for a few days, en- 
abling a numl)er of loaded boats to reach tide-water. 

The expenditures have been as follows : 

Ordinary repairs of the Cnnal $57,826 33 

Extraordinary rppair?* of tho Canal..... ir>,0<)3 92 

Kepair-s of bhipping hindings G,C07 14 

$81,397 30 

Renewals and improvement of works $15,357 18 

Rebuilding dams 8,171 03 

18,528 21 

Total repairs and maintenance for 1880 $99,925 60 

" " " " " 1879.^ 75,044 17 

Increase $24,281 43 



The increa^Hj shown above over the year 1879 is caused by the 
expenditure of $25,638.42 for the following works : 

1. The aqueduct at Seidel's Creek, a wooden structure of two 
spans, having been found unsiife, was taken down, and a three- 
span culvert erected in its stead. This structure rests on a new 
foundation, and has been built in a i>ermanent manner, with brick 
arches and heavy ma^^onry laid in cement, at a cost of $8,674.50. 

2. Taking advantiige of the cxa^ptionally mild weather of the 
winter of 1879-80, an opportunity rarely occurring was affbi'ded 
to employ a large force in the several canal levels, and to remove 
therefrom the silt and other deposit which had acxjumulated in the 
course of veai*s. Bv this means seventeen miles of canal have 
l)eeu restored to the full depth of six and a half feet, with a width 



k 



73 

on bottom of thirty-eight feet. The quantity of material removed 
was 73,450 cubic yards, and the cost $16,963.92. 

The renewals include the rebuilding of one hundred and seven 
feet of dam No. 26 (Black Kock), including the sluices on the old 
foundation cribs, which were found to be solid. One hundred 
and thirty feet in length of the combing and sheet-piling of dam 
No. 29 (Norristown) was also renewed. 

Two lock-chambers, Nos. 28-29, at Blue Mountain, and No. 
71, at Fairmount, both requiring coffer-dams and steam pumping, 
were relined, and at the latter a new hollow breast erected. 

The work of removing the rock obstructions in the channel of 
Fairmount dam, commenced last year, was continued this season, 
o|ierations being confined to the making of a new outside channel, 
seven hundred and fifty feet in length, opposite Pencoyd, which is 
now nearly completed, and can be brought into use early in the 
spring of 1881. The total cost of the work was §3,345.83, of 
which the sum of $1,711.62 was paid by the riparian owners, 
who were interested in an improvement of the alignment of the 
towing-path. 

Susquehanna 4^anal. 

The cost of repairs and maintenance, as compared with the year 
1879, has been as follows : — 

Ordinary repairs for 1879 $21,956 89 

** '» " 1880 20,040 86 

Decrease $1,016 04 



The Canal opened for business on the 15th of March, and was 
closed by ice on the 22d of November, subsequent to which time, 
however, the loaded boats below York Furnace reachal tide-water. 

The ordinary repairs for the year include the rebuilding of four 
road and farm bridges, and one waste weir and sluice. 

The policy of applying the labor of the repair forces required 
upon the line to the gradual raising of the banks, of those levels 
deficient in a six feet depth of water, has been steadily adhered to, 
and will in a few years more give the full depth of an enlarged 
navigation without any extraordinary expenditure. 

Iles{>ectfully yours, 

E. F. SMITH, 

Chief Enginea* of Canals. 



74 



Statement in Detail of Expenditures for Repairs on the SehuyVciU Canal 

for the year ending November 30th, 1880, 

Canal Navigation^ ^^MAr ^^ ' 

Beds and banks, ordinary repairs..., $11,679 88 

Waste-weirs 446 55 

Culverts and trunks 1,00S 74 

Aqueducts « 888 20 

*' SeidePs, permanent reconstruction 8,674 50 

Gleaning Canal, extraordinary repairs 16,968 92 

$39,608 29 

Slack-water Navigation^ ^'^^^jf fniles : 

Dams, ordinary repairs i |1,688 24 

Guard-walls 178 18 

Abutments 221 74 

Towinfc-paths 1,647 80 

Dam No. 26 (Black Rock), partial rebuilding.. 2,668 07 

" " 29 (Norristown), ** " 507 96 

—i 6,866 44 

Locks: 

Locks, ordinary repairs $9,405 09 

Guard and stop gates 841 08 

Lock-houses ana sheds 1,861 18 

Lie-bys and pier-heads 1,884 94 

Lock Nos. 28-29 (Blue Mountain) 2,027 83 

'* '* 71 (Fairmount) 8,020 64 

18,040 76 

Bridges : 

Road $2,267 69 

Farm 794 40 

Towing-path 1,080 87 

4,132 46 

Miscellaneous : 

Dredging and scooping channels, and repairs of 

dredging-machines $9,567 82 

Removing obstructiona, raising sunken boats, and re- 
pairs to steam pump-boats 944 26 

Repair-scows and tools 8,758 52 

Reservoir dams 547 15 

Offices, houses, and repair-shops 848 86 

Water-powers, including engineering 1,432 27 

Use of telegraph 491 77 

17,590 65 

Shipping Landings : 

Repairs and renewals at Schuylkill Haven Landings.. $6,486 78 
Repairs of Port Clinton Landings 120 86 

6,607 14 

Improvement of Fairmount channel 1,684 21 

Engineering, office, and incidental expenses 5,455 65 

$99,925 60 



75 



Statement tn Detail of Expenditures for Repairs on the Susquehanna 
Canal for the year ending November SOth^ 1880, 

For ordinary repairs of 45 miles of canal and river navigation : 

Beds and banks |7|778 64 

Waste-weirs 641 77 

Aqueducts 506 85 

Cleaning Canal 2,567 69 

111,894 46 



Locks: 

Locks, ordinary repairs |8,917 10 

Stop-locks 69 70 

Lock-houses and sheds \, 205 92 

Repairs of weigh-lock 16 89 

4,209 11 

Dams: 

Columbia dam |587 96 

Other dams 80 25 

568 21 

Bridges : 

Road and farm |1,145 14 

Towing-path 144 11 

1,289 25 

Miscellaneous : 

Freshet work and obstructions |185 65 

Lightering and raising sunken boats 88 24 

Repair-scows and tools 408 08 

Superintendence 1,947 41 

2,579 88 

$20,040 85 



76 



REPORT OF CHIEF ENGINEER. 

Chief Engineer's Office, P. & K. R. K. Co. 

Philadelphia, January 6tb, 1881. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Gowen, > Receivers, 
Stephen A. Caldwell, J 

Philadelphia and Reading Railroad Company. 
Gentlemen, — Herewith I beg to submit the following report 
of the transactions and expenditures of this department for the 
year ending November 30th, 1880. 

The cost of maintenance of the road, as comparetl with the 
previous year, has been as follows : — 

Roadway expenses for 1870 $1,093,189 51 

'' " »« 1880 1,398,381 89 



Increase 

Renewal of rails for 1879 $145,416 13 

<« 1880 337,809 28 



II 



It 



Increase 

Total increase. 



$305,192 88 



192,898 10 
$497,585 48 



Statement of the Cotnparative Cost of Repairing Main Line and 

Laterals for years 1879 and 1880, 



NAME OF ROAD. 



1879. 






Miles.i Amount. 



1,H67 96 ; 



Main Lino, Including laterals 

otlier thanhelow 1,167.0 87Gl,r)9() 74 

Catnwissa Railn>a*i 114.2| 

Alloiitown Kailruiid , 4.8] 

Colobrookdalc Ikiilroad I 14.9' 

Pickering Valley Railroad. 11.91 

Pcrkionien Rai]n>ad * I 

Chester Valley Railnmd 2.^.8 

Gemiantown and NorriHt^wn Hr... 75.2 

BerkM and LehiK>> Branch 44.2 

North Penna. Railroad, from May 

l»t.l879 168.6 

Delaware and B«tun<l Bntok Rail- 
road, from May Ist, 1879 65.3 



1880. 



Milefl. Amount. 



Increase. ; DecrraM. 



1,139.7 «859,122 99 \ $97,532 26 ^... 

laVHl OTi 117.6 132,698 90 27,357 85 

4.8 2,624 85 760 89 



3,281 60 
668 90 



7,712 27 ' 14.9 10,993 87 

7.001 56 12.0 7,570 46 

11.969 85 I Ij $11,969 86 

13.443 55 2.3.3 15,6-31 09 I 2,187 54 



62,650 74 
18,275 49 

83,210 83 

20,125 47 



t 



r6.6 

I 

I 

169.9 1 
65.6 



96,878 95 1 34,228 21 

14,914 20 1 3,361 29 



193,764 88, 110,654 06 



64,181 70 



44,056 23 



1,689.8 $1,093,189 51 1,624. 3 gl,39 8,.38 1 89 8320,523 62 $15,331 14 

In the al)ove the cout of repairing Company's dwellings, etc., rented is included. Heretofore 
it wan charged to rents. The amount for 1879 was $25,648.63. 

• From December Ist, 1878, to May 13th, 1879, only, 
t From December Ist, 1879, to June 30th, 1880, only. 

Statement of the Comparatirf Cost of Renewing Railroad Iron on Main 
Line ami Laterals for years 1879 and 1880, 



NAME OF ROAD. 



1879. 
Miles. Tons. ' Amount. 



1880. 
Mile*- Tons. Amount. 



Increase. 



Decrease. 



Main Line, inc. laterals ' 'I | I j 

other than below 1.167.0 6,901.6 S109,()8l 86 1,139.7 9,7^2.4 $242,755 60 $13.3,673 74 

CatawiitBa 114.2 l,42.'>.l 21,2:^7 23 117.6 1,490.4 34,887 98 13,650 75 

Allentown 4.8 l.u 17 07 | 4.8 ! $17 07" 

Colebrookdale 14.9 36.2 596 27 I 14.9 40.7 l.tMO 74; 444 47 

Pickering Valley 11.9 5.0 77 89, 12.0 6.7, 135 82 67 93 

Perkiomen • 244.7 4,51188! ' 4,51188 

Oiester Valley 23.8 I 2.3.3 67.3 498 64 498 64 

Germant'n A Norrist'n 75.2 373.1 6,169 95 76.6 756.6' 19,811 64 13,641 69 „,.„ 

Berk* and I.ehigh 44 2 10.4 162 36 f i 72.4 1,80153 1,639 17 

North Penna., from 



May 1st, 1879 168.5 162.2 3,549 10 

Del. it Bound Brook. , 

fh)m May 1st, 1879... 65.3 .6 12 62 



169.9 1,379.9 36.854 89 33,305 79 
65.6 23.4 22 39 9 87 



1,689.8 9,159.9 $145,416 13 1,624.3 13,539.8 $3,37,809 23 $196,922 05 $♦,«» 



* From Decemlfcr Ut, 1878, to May I3th, 1879, only. 
fFrom I>ecetDber Ut, 1879, to June 30th, 1880, only. 



77 



Extent of Railroads in charge of Roadway Department, November 

30th, 1880. 



NAME or ROAD. 



I 



Single 
Track. 



Main Line, Philadelphia and Reading Railroad. 
Nortberu Libertfet and Penn Township Branch. 

Port Kennedy Branch 

Lel«non Valley Branch 

Lebanon and Tremont Branch 

Schuylkill and Sanquehanua Branch 

Mount rarbon Branch 

Mahanoy and Shamokin Branch 

Moeelem Branch 

Weet Reading Branch 



1.-2 

9.2 

42.2 

8.5 

5:^.8 

1.7 

1.9 



Double 
Tracli. 



Length 
of Road. 



98.4 
1.4 

44.5 



10.8 



98.4 



Sidings I 

and 
Laterals. 



151.7 



Total roads owned. 



171.9 155.1 



1.4 


2.1 


1 •> 


.1 


53.7 


25.3 


42.2 


25.4 


53.4 


8.9 


8.5 


9.5 


64.6 


69.9 


1.7 


.7 


1.9 


.9 


327.0 


294.5 



Chester Valley Railroad 

Colebrookdale Railroad 

Pickering Valley Railroad 

£»fit Peuneyiviinia Railroad 

Allentown RallruHd 

Little Schavlkiil Railroad 

Mine Hill RallroHd 

Mount Carbon and Port Carbon Railroad 

Mill Creek Railroail I 

Schuylkill Valley Railroad 

East Malianoy RailroHd \ 

Philadel|»hia,Gemiantownand Norriatuwn Rnilroad' 

Cauwisaa Railroad 

Philadelphia and Chester Branch 

North Pennnylvania Railroad..^ 

Delaware and Bound Brook Railroad 

Norristown Junction Railroad I 



Total roads leased. 



21.5 


••••••• 


21.5 


12.8 




12.8 


11.0 




11.0 ' 


17.7 


18.3 


36.0 


4.5 




4.5 


28.1 


••••••• 


28.1 


31.3 


21.8 


63.1 1 





2.6 


2.5 




3.8 


3.8 


6.7 


5.3 


11.0 


10.7 




10.7 


13.5 


20.2 


33.7 


93.0 




93.0 


9.2 


4.9 


14.1 


39.6 


46.8 


86.4 


3.7 


27.0 


:w.7 




.4 


.4 



Reading and Columbia Railroad 

Lebanon Bmnrh, R. & C. R. R 

Qoarryville Branch, R. k C. R. R... 
North East Pennsylvania Railroad. 



302.3 



39.5 
1.6 

15.3 
9.6 



1.8 

2.1 

1.0 

16.6 

.3 

23.8 

57.3 

13.4 

17.6 

ll.l 

4.5 

21.8 

24.6 

2.9 

36.7 

7.8 

.1 



151.0 463.3 



243.4 



Total roads controlled. 



66.0 



39.5 


16.4 


1.6 




15.3 


1.3 


9.6 


.6 


66.0 


* 18.3 



Recapitulation. 



Total. 



348.5 

4.9 

13 

123.5 

67.6 

62.3 

18.0 

145.3 

2.4 

2.8 



776.6 



Single 
Track. 



Double 
Track. 



Roads owned 171.9 

Roads lea^Hl 302.3 

BmwIs con troll (h1 66.0 

Total 540.2 



155.1 
151.0 



306.1 



Ijengtii 
of Road. 



.327.0 

46;{.3 

66.0 



Sidings 

and 
Laterals. 



294.5 

243.4 

18.3 



23.3 
14.9 
12.0 
70.9 
4.8 
51.9 

132.2 
18.4 
25.2 
27.4 
15.2 
75.7 

117.6 
21.9 

169.9 

65.6 

.9 



847.7 



65.9 

1.6 

16.6 

10.2 



84.3 



Total. 



776.6 

847.7 

84.3 



846.3 556.2 1,708.6 



As stated in my last report, that the steel rails in the heavy 
carves of the Main Line were showing considerable signs of wear 
and had to be soon replaced, this year's traffic has shown the 



78 

necessity of doing so; while the removal. of steel rails up to the 
year 1880, amounting in all to 13,520 feet, during this year it 
reached the total length of 39,503 lineal feet. This is for the 
Main Line only, and seems to correspond with the wearing out 
of steel rails on the Philadelphia, Germantown and Norristown 
Branch, which reached this year the figure of 16,334 lineal feet. 
Under the heavy traffic of these roads the life of these steel rails 
has been fourteen years, yet their actual service has not been termi- 
nated, as a large quantity of them has been used in repairs of side 
tracks, and their life is indefinitely prolonged, although the record 
of their durability ceases with their removal from the main track. 

Since the acquisition of the North Penn and Bound Brook 
Branches the traffic on them has been increased considerably, and 
to fit them up for a service corresponding to the magnitude of the 
trade it has been found advisable to equip these roads with a 
motive power, both for passenger and freight service, unequalled 
by any other road. Such an increase in the tractive power neces- 
sitated an increase in the weight of the locomotives, and in order 
to secure to these ponderous engines, at their high rate of speed, 
a firm foothold, a great deal of labor has been spent in perfecting 
the road-bed, and in strengthening bridges. Numerous sidings 
also were built to accommodate the traffic, and telegraph offices 
and signal towers were erected to move the trains under their 
protection. Ten signal towers and three telegraph offices have 
been finished, and more are to be built. 

The alignment of the Grermantown and Norristown Branch 
between Nicetown and Wayne Junction has been changed so as 
to avoid the heavy curvature near the Midvale Steel Works. The 
thereby abandoned part of the main stem is now used for siding 
purposes, and for transferring the coal cars from the Main Line to 
the numerous Ninth Street yards in this immediate vicinity ; also, 
the Tabor Branch, from Wayne Junction to Nicetown Summit, 
with its side and Y tracks, has been finished. 

The two sidings laid during 1876 on Ninth Street, between 
Wallace and Green Streets, on the Germantown and Norristown 
Branch, which some time ago were ordered to be removed, have, 
by permission of City Councils, been replaced, and add much to 
the convenience of moving trains at this great business centre. 

Considerable labor was expended in widening the tracks between 
Wayne Junction and Germantown, and widening the cuts on the 



79 

Chestnut Hill Branchy to allow the running of the widest cars on 
any part of these roads. 

The elevator wharf at Port Richmond was completed last 
springs and delivered over to the lessees for the construction of 
the grain elevator itself^ which is rapidly approaching completion, 
and, beside the setting up of the machinery, but little i*emains to 
be done. 

The terminal facilities for the freight business in this city have 
been considerably improved by the construction of freight yards 
at Third and Berks Streets and at Fifteenth and Callowhill, and 
by the changes made at Front and Noble Street warehouses. The 
lease of the Watson & Gillingham wharf at Port Richmond also 
necessitated a new system of tracks, which was completed during 
the summer. 

The work of excavating along the slope of the mountain near 
the Richardson Colliery, on the Mine Hill Railroad, for the 
change of alignment of the road-bed, for the purpose of allowing 
the mining of the coal from the Crosby vein, underlying the old 
road^ has been finished during the season, and the new line is in 
good running order. The work has been heavier than was antici- 
pated, owing to the stratification of the rock, which pitched in the 
same direction as the mountain, and at an angle which made it 
necessary to follow out that slope. 

A great source of detention to our through trains at Reading 
was the occupation of the main track by shifting engines for the 
proper delivery and removal of cars to and from the large manu- 
facturing establishments at the southern end of the city. Exten- 
sive sidings, since converted into main track, were built, and the 
old up track changed into a siding for the accommodation of this 
trade. The expenditure thereby incurred has proved to be a wise 
one, as the delay to the main traffic has been removed. 

A large piece of ground at the upper freight station at Reading, 
which formerly was not adapted for railroad purposes, has been 
filled up, and converted into a fine freight yard, with numerous 
unloading tracks. 

The siding facilities at Schuylkill Haven have been much im- 
proved, enabling the Transportation Department to make up 
trains for specific destinations. 

Similar wants were experienced at Mill Creek sidings, and ad- 
ditions to meet them were made during the year. 



80 

New water stations have been erected at Skillraan^ Trenton, 
and Yardley, on the New York Branch, and at Belmont and 
Bridgeport, on the Main Line. The water station at Beaver, on 
the Catawissa Branch, was burned down, and a new one, with a 
sand-house, has been erected in its place, and the water stations at 
Mausdale and Milton, on the same branch, have been rebuilt. 

A new dejK)t has been built at Pencoyd, on the Main Line, and 
the old depot at German town repaired and reoi)ened for the ac- 
commodation of passengers. A passenger shed has been erected 
at Mount Carbon, and the adjacent grounds improved and beauti- 
fied. Additions have also been made to storehouses at Muncy and 
Montoursville, on the Catawissa Branch, so as to furnish shelter 
for the increased trade at those points. 

The old and frail iron bridge on the Big Mine Run Branch 
has been replaced by a stronger wooden one. Safety -gates have 
been put up at Broad Street crossing on the German town and 
Norristown Branch, for the better protection of persons crossing 
the tracks at that point. New ash-pits at Pottstown and Phoenix- 
ville have lHH?n finished, one at West Falls is under construction, 
and a new track-scale was erected at Kichmond freight yard. 

The other principal improvements for the past year have been 
as follows: — 

A freight siding in the borough of Shenandoah for receiving 
and delivering freight; new siding at Catawissa, on the Catawissa 
Branch, to acconimodate the oil trade; new passing siding at 
Muncy, and sidings for the Montour Iron and Steel Co. and 
Glendower Iron Works at Danville, on the same road. 

New sidings have also been built at Pencoyd, on the Main Line; 
Fairhill Junction, Bethlehem, Iron Hill, Lan^dale, Edge Hill, 
Jenkintown, Langhorne, Trcvose, Woodbourne,and Centre Valley, 
on the Bethlehem Branch ; at Engine House and Prasj>ect Avenue 
and Willow Street, Trenton ; at Delaware River Bridge, Trenton 
Junction, east of Somerton, Vanaken, gravel track near Bound 
Brook Junction, lay-off siding at lionnd Brook Junction, Hope- 
well, and Pennington, on the New York Branch. 

A branch has also been built to the colliery of Rothermel & 
Lorenz, and the Big Vein Branch, on the Schuylkill Valley Rail- 
road, relaid, and on the Mahanoy and Shamokin Branch new 
sidings were constructed at Locust Summit, Shenandoah Junction, 
and near Excelsior Station. 

Very trulv youi*s, 

W. LORENZ, 

Cliicf Enghieer. 



StttUment of Railt removed frotiv Traekt, and Coit of reneioiny Iron. 



Tin. 


Tnna.. 


meiu. 




C«taf1UtM«Ul( 
Iron. 


HF 


1830 


1,764,680 


4,219 


1 bar for 413 


»12,U6 07 


69 


1851 


2,145,132 


5,932 


1 " 361 


25,825 25 


1 21 


1852 


2,122,171 


7,327 


1 « 303 


24,954 24 


1 17 


1853 


2,079,197 


8,032 


1 •' 233 


35,646 69 


1 71 


1864 


2,582,663 


11.112 


1 " 232 


67,176 08 


2 60 


1855 


2,909,667 


29,965 


1 " 113 


160,138 64 


5 60 


1856 


2,815,760 


31,036 


1 " 91 


204,502 61 


7 26 


1857 


2,326,706 


23,668 


1 " 98 


154,686 50 


6 64 


1858 


2,126,181 


19,761 


1 " 108 


128,629 15 


6 49 


1859 


2.405,414 


18,337 


1 " 147 


103,334 66 


4 29 


1860 


2,819,898 


19,291 


1 " 146 


114,420 90 


4 06 


1861 


2.348.9'06 


17,679 


1 " 133 


85,957 76 


3 65 


1862 


2,443,377 


11,636 


1 " 210 


62,621 50 


I'm 


1863 


3,404,269 


15,339 


1 " 222 


90,832 14 


2 67 


1864 


3,677,747 


27,209 


1 " 135 


214,602 86 


6 83 


1865 


3,953,906 


2«,168 


1 « 151 


196,139 52 


4 96 


1866 


4,812,328 


.34,223 


1 •• 141 


251,787 18 


6 23 


1867 


4,633,275 


34,376 


1 " 132 


255,164 78 


5 62 


1868 


4,597,276 


47,172 


1 ■• 98 


324,501 34 


7 06 


1869 


6,166,895 


6»,166 


1 " 87 


324,297 88 


6 27 


1870 


4,902,728 


61,720 


1 " 79 


301,946 14 


6 16 


1871 


6,940,693 


64,086 


1 » 93 


338,296 87 


5 69 


1872 


6,442,182 


68,506 


1 " 94 


411,064 00 


6 38 


1873 


6,943,732 


76,747 


1 " 90 


693,115 74 


8 63 


1874 


6,681,526 


41,096 


1 « 162 


292,761 43 


4 38 


1875 


6,045,221 


42,452- 


1 « 142 


342,667 56 


5 67 


1876 


6,062,970 


46,392 


1 " 131 


292,346 92 


4 82 


1877 


7,791,541 


38,281 


1 " 215 


179,170 28 


2 30 


1878 


6.655,944 


45,184 


1 " 147 


174,187 18 


2 62 


1879 


8,891,381 


37,994 


1 ■' 234 


145,416 13 


1 64 


1680 


8,760,752 


66,861 


1 " 154 


337,809 23 


3 86 



82 



REPORT OF SUPERINTENDENT OF STEAM- 
COLLIERS. 

Port Kichmond, Philadelphia, January 5th, 1881. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. (Jowen, > Receivers, 
Stephen A. Caldwell, J 

Philadelphia and Reading Railroad Company. 
Gentlemen, — ^With this I submit detailed statements of 
Steam-collier business for year ending November 30th, 1880. 

The following table shows the results of the business for several 
years past : 



Year. 



1872. 
1873. 
1874. 

1875. 



I 



Tonnage. 

127,276 

135,673 

217,340 

Mdse., 6,928 
Coal, 345.145 

"'** 1 Coal, 490,116i 

,«^w f Mdse., 3,128 
'^'' I.Coal, 599,368J 

,«■-« f'Mdse., 5,979i 
^^'^ \ jCoal, 574,99U 

1879 i 'Mdse., 5,076J 
***'* \ Coal, 605,198 

iRsn J .Mdse., 12,285 
^° " ( Coal, 545,600 



Beceipti. 



$355,460 03 
309,296 33 
300,636 26 

491,039 50 
657,901 12 



Expenses. 



Net Proflte. 



ATeragerateof 
freight received 
per ton on coal. 



$237,818 26< $117,641 77 
202,111 04 107,185 29 
294,045 41 



418,479 61 
460,874 58 



652,454 87 411,723 37 



6,590 85'; 
72,559 89 

197,026 54 

240,731 50 



Compr'd with 



574,699 03 
674,260 93 



342,273 45 232,425 58 
315,397 60 358,863 33 



607,646 64 384,057 32 223,589 32 



$2 62 
2 32 
1 29 

1 15 
1 06 
1 03jk 

9U 
1 07* 
1 04 



Decrease, 



1879 Coal, 59,598 



Decrease, i Increase, | Decrease, 
$66,614 29 $68,659 72; $135,274 01 



Decrease, 
$0 03* 



The item of $384,057.32 expenses for 1880, includes a 
charge of $70,200.00 for insurance fund, which is now in credit 
$338,755.60. 

During the year, the amount of $47,784.36 was jMiid as pre- 
miums for the prompt unloading of the steamers. It represents 
a saving to the fleet of 731 days out of the time allowed for un- 
loading. 

The decrease as compared with 1879 in the total voyages, ton- 
nage, and receipts is due : — 

First — To the low rates of freight that prevailed during that 
part of the year most favorable for rapid and heavy work. 

Secondly. — To the susjiensious in mining, which prevented our 



83 

giving the ships the dispatch in loading they would have other- 
wise received. 

Thirdly. — ^To the want of sufficient orders to load the steam- 
ships at Port Richmond^ owing to the lack of demand for coal 
and through which we were compelled at times to seek other 
channels of trade, wherein the expenses and the length of voyages 
were increased without a compensating rise in the rates of freight. 

During 1880, the fleet was in condition, under favorable cir- 
cumstances, to exceed the results of any former year, and at the 
end of the first two months the profits were ahead of those for the 
same period of any previous year. 

Beferring to the expenses as compared with those for 1879, 
wages account shows an increase, largely due to the general ad- 
vance of 10 per cent on January 1, 1880. 

Provision account shows a decrease of nearly $2,000. A saving 
effected by a change in the rate from and after January 1, 1880. 
Fuel account has increased $43,376.37, and although the fleet 
consumed 2,576 tons less than in 1879, the average cost was $1.18 
per ton higher. 

Repairs to ships, sails, and rigging show a decrease of $3,154.75, 
but those to the machinery and boilers increased $22,957.73. 
Chiefly due to the fact that the boilers of the 8 steamers built in 
1874 required considerable and costly attention in 1880. 

The quickest voyages during the year were made by the follow- 
ing steamere :— 

Rattlesnake, to Providence and return, 5 days 1 hour. 
Centipede, to Boston and return, 6 days 1 hour. 
Reading, to Salem and return, 6 days 8 hours. 
Including time of loading and discharging. 

In order to increase the efficiency of the older ships, iron hatches 
and coamings are to be substituted for wooden ones, and the link 
will take the place of the hook motion on their engines. This 
work is under way at our Reading shops. 

When new boilers are required it is contemplated substituting 
high for low pressure, and converting the present single engines 
into those of the compound type. 

The following table gives the names, tonnage, and service of the 
ships of the line : — 



\ 



—> 


1 


1 


i 
i 

1 


™. 


Tattt*. 


1 


1 


1 

1 


1 

1 


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i 




1 

1 


1 






HO 'jane, IBeB 








in,H3 






asir- 


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• 










A! 












IW7.TO 


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'" 


Ki7.8§S 


«s^ 


Moeuujea 


Mae^ 



Very respectfully, 

JOHN L. HOWARD, 



PHILADELPHIA AND READING 
COAL AND IRON COMPANY. 



STATEMENT OF 



General Income. 



GENERAL BALANCE-SHEET. 



REPORTS OF THE 



CHIEF ENGINEER, 



AND 



Superintendent of Rolling-Mill, 



WITH ACCOMPANYING 



STATEMENTS. 



8 
S 



i 



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4 A 



BALAKCE 

Phiiaddphia and Reading Coal and Iron Oompany 



Dcima Tui II 



Uillliirjr lin|jru>in»nN, 

" «uiiuu«iiu, 

DndwurkmtuoUiarlH, 
Biip|i1l*> >t rwlllKrio, 



ImproTHuauu st Plitlndelplili 
Hinnn' iDd oilier hdimi 



id baud! Iiefd b;r ll>a CoDipan;'. 



hIbih go 



4,T»,9U Ulj 






DtMttai IlKCampuiJi— 



i1iliL|i|ilngpi,iut>.lG2,53.1|t 



ciBpani or dcbentiin boDdi not J»t taw- 
taml, biit fuQdrd ii>Iu PhlluU-lvlilB 
■ndltowlluglbdLniMdCvintiabj'fftcrip, 

INCOHB AOCODNT8: 






II.IS»,4»1 Ti 
487,863 2< 



Dl.OOS 48; TJMS^l SI TOl.flO 

na,32>i,s»8 i^tifwfl.ii 



SHEET. 

and Beoavera, November SOtk, 1880. 



CAPITAL ACOOtTKTS: 

uebfd proiiiertl** :— 
WW- MM. 

itn-iwi, 

im-isn, 

MTt-IKt, 

liljibU an. I IIchIIuii Ballmad OsDl- 

lui. aM«i DKoitiv Bttb, int, 

IlitlMu* bu^ IBTt-INt, . 

(MaiKKt, 

LIABIIiITIBB; 
ImIhMi*, 

l^tmltnuliiHt drbla, .... 

*i|au4nil.>i.lliJI., . . . 
u^urallh Dl PiuruTlituta tot 
<«k[un. . . . . . . 

riDlMnl roopau uul lulfr.l OD 

MtMplita uid Knutlni B^lnad 
KkMrbta UKl Itii^iDi Billn^ 



l<^M).oonc 






io,in<v>ooc 



i,T3i,on) 



M,IUH 









tioojxwm 
i,ai»o(i 



t«H.MO 

3£^on w 



w.inoi 



ALBERT FOST^^, 



90 



REPORT OF CHIEF ENGINEER. 



Philadelphia and Reading Coal and Iron Go. 
P0TT8VILLE, Pa., December Ist, 1880. 

Messrs. Edwin M. Lewis, ^ 

FrANKI^IN B. GrOWEN, > RECEIVERS, 

Stephen A. Caldwell, J 

Philadelphia and Reading Coal and Iron Co. 

Gentlemen, — The following report of tlie operations of the 
Department of Mines of the Philadelphia and Reading Coal and 
Iron Company, for the year ending November 30th, 1880, with 
accompanying statements, is respectfully submitted : — 

There are now on the lands owned and controlled by this Com- 
pany seventy-eight (78) collieries, exclusive of the small opera- 
tions. Of this numl)er forty-one (41) have been worked during 
the year by this Company ; twenty-two (22) have been leased to 
other jMirties, and fifteen (15) have been temporarily idle or under- 
going repairs. 

This Company has also worked nine (9) collieries leased from 
the owners of other lands, and has during the year acquired by 
lease or purchase the following collieries, viz., St. Nicholas and 
Tunnel Ridge Collieries, situated on our own lands, and formerly 
leased to others, and the Girard Mammoth Colliery, on lands 
owned by others. 

The following figures show the tonnage for the year : — 

Mined by the Company from lands owned and controlled 2,810,117.04 

Mined by the Company from other lands 650,846.19 

Total tonnage mined by the Company 3,460,464.08 

Mined by tenants from lands owned by the Com- 
pany 965,818.11 

Mined by tenants from lands controlled by the 

Company 279,823.19 

1,235,642.10 

Total tonnage 4,696,106.18 



91 

The tonnage mined by this Company shows a decrease of eight 
hundred and nine thousand four hundred and sixty-five (809^465) 
tons from the shipments of the previous year, but is equal to nine- 
teen thousand nine hundred (19,900) tons per day for each day 
worked. 

The collieries operated by this Company are now in excellent 
condition, and are prepared to ship at the rate of four hundred 
and thirty thousand (430,000) tons monthly. All preparatory 
work, such as gangways, chutes, headings, airways, tunnels^ cut 
ooal, &jc.y and also the outside improvements and machinery^ are 
fully equal to any anticipated requirements. 

The cost per ton of mining coal for 1880 is one dollar forty- 
three and six-tenths ($1.43^(j^) cents, being an increase of twenty- 
nine and three-tenths (29^^) cents per ton over the cost for 1879, 
due partly to the advance in wages paid to miners, and very largely 
to the restricted production and to the method of restriction, viz., 
running alternate three days and keeping all collieries in working 
condition with all the standing expenses, instead of stopping a 
portion of them and working the balance on full time. Our col- 
lieries have worked 173^ days during 1880, as compared with 
243^ days in 1879 and 167^ days in 1878. 

The sum of two hundred and twenty-five thousand three hun- 
dred and sixty-seven ($225,367) dollars has been expended in 
improvements, such as breakers, machinery, slopes, and tunnels, 
equal to six and five-tenths [Q^j^) cents per ton, and all these ex- 
penditures are included in the one dollar forty-three and six-tenths 
($1.43^) cents cost per ton given above. * 

The iron-ore mines have been worked during theyear as follows : 
Seasholtzville has been worked 159 days, and is now standing 
idle, as all ore at the present working level has been exhausted. 
The Cumberland banks have been worked 201 days, and are now 
in excellent order and in condition to produce largely at low 
rates. 

The repair-shops started in Pottsville in 1879 are now doing 
all the necessary repairs to the machinery of our collieries, and 
during the coming year will make all new machinery and iron 
work required, such as breaker and hoisting machinery, engines, 
pumps, boilers, mine- wagons, iron and brass castings, &c., &c. 
Up to December Ist, 1880, we have made in the foundry 4,854- 
120 pounds of iron castings, and 63,260 pounds of brass and gun- 



92 

metal castings. We have purchased to make these castings 
560,000 pounds of pig iron, the balance being old materials 
obtained from the collieries. 

Very respectfully, 

8. B. WHITING, 

Chief Engineer. 



Tantiagejrtm Collie 



93 

STATEMENT A. 

«t operated by ike PhUadelpkia and Reading Coal 
and Iron Company. 




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STATEMENT D. 

StcUement showing (he Cost per Ton of Iron Ore at shipping point, 
not including royalty, for seven years, to November 30th, 1880, 



Tear*. 



1874 

1876 

1876 (el«Ten montlus) 

1877 

1878 

1879 

1880 

ToUl 



Tons mined. 



26,099 17 
70,998 12 
86,407 08 
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6,616 06 
29,668 12 

250,701 04 



Cofltat 

Shipping P«>int, 

leM Royalty. 



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110,007 59 
54,856 42 
48,675 48 
37,685 85 
20,242 58 
47,7(J3 08 



Cost per Ton 
at 
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1 54.8 
1 49.8 
91.8 
1 12.7 
8 06 
1 61.5 



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102 

REPORT OF THE SUPERINTENDENT OF 

ROLLING-MILL. 

Pbiladelfiiia and Reading Coal and Iron Co., 
Reading, Pa., December 27th, 1880. 

Messrs. Edwix M. Lewis, "^ 

Franklin B. Gowen, > Receivers, 

Stephen A. Caldwell, J 

Philadelphia and Reading Coal and Iron Co. 

Gentlemen, — Herewith is respectfully submitted the annual 
statement from the rolling-mill, showing the operations, expendi- 
tures, Ac., for the year ending November 30th, 1880, completing 
the thirteenth year of rolh'ng. 

The product consiste<l of 18,875.08 gross tons of iron rails, 
7,798.11 tons of steel rails, 793.06 tons splice plates and bolts, 
and 160.04 tons muck bars, or a total merchantable production of 
27,627.09 gross tons. This is the largest yield for twelve months 
since the mill was started ; of this amount the Philadelphia and 
Reading Railroad and branches took about ooe-half, the balance 
being sold to outside parties. 

During the year the mill was stopped twelve days for repairs 
and holidays. 

With old rails at §33.46 per ton, and pig iron and old car- 
wheels at $23.25 per ton, the average cost of the new iron rails 
was $49.46 per ton, or for re-rolling $16.00 per ton. With steel 
blooms at $49.33 per ton, the cost of the new steel rails was 
$59.06 i^er ton, both exclusive of any charges for rent or interest. 

The lease of the Palo Alto Rolling-Mill expired June 1st, and 
the depressed condition of the iron trade existing at that time did 
not warrant its renewal. The product for the seven months of 
its running was 7,186.10 gross tons of rails, and the loss incurred 
in operating it was due to the impossibility of manufacturing 
there economically with deficient machinery, as also to the making 
of new rails, with old rails and pig iron at high prices and wages 
at increased rates, under contracts made during the boom at in- 
flated figures, and the failure of the buyers when the collapse 
occurred to take the rails according to agreement. WMien the 
suspension of the company took place, the new rails and other 
materials remaining on hand were inventoried at the prices pre- 
vailing at that time, showing a deficit for the operations at Palo 
Alto. New rails made according to contract for §66.00 and $68.00 



103 

per ton were put into the stock on May 24th at the reduced valu- 
ation of $45.00 per ton. 

The profit of the Reading Rolling-Mill for the year was 
$59,588.31 ; from which deduct $35,889.30, the loss in running 
the Palo Alto Rolling-Mill, leaves a net profit of $23,699.01 
from the working of botli mills. 

The usual report is appended, showing the wear of the " P. & 
"R.^ iron rails in the tracks of the Philadelphia and Reading 
Railroad. 

Very respectfully, 

W. E. C. COXE, 
Superintendent of RoJling-MilL 



I 






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JiEl^ORT 



iBSrL>ENT AND MANAGERS 



liklp^hi ^' Sfitbing ilailroai) Co. 



STOCKHOLDERS, 



JANUARY. IHHa. 



^j^^jIsiG NOVEMBEH aOth. 1881. 






^^^^1 ^H 


^^^Hprbsident ai^d managers 


H^ljilaiidpljia i |lcabing lailfoab Cd. 


H STOCKHOLDERS, 


^^^1 


^^^1 YEAR ENDING NOVEMBEH 30th. 1881. 




H_ .H 



CONTENTS. 



>oi>n«il,«iDlra]l»]. BDdkuFdby tliv liallnnd Conipou; 
■ a«Ded.coTiIroll«].andlf*Md bflheCoaluid IroD Cob 
ifbolhCoin)iBiit»,coiDpantlirs,ltaD-lSSl „ 



> or Kailnud Caiu|»D]r, ooniMnllFe, ISW-tSRI.... 



Tf»ffle «[aletntiii fo 



' Kl-I... 



prndoelloii Iram lbs cs 



prndnctloD lad CnadportaLion— — '->- ^ ~^^„.^^^^„.,^,, 

lODDIgS— CCmpUltlTQ ■tltBBMUlt.,„... 

ifantiTsitalcmcntand dldrtballon ofooal tsnnice.... 



CbmUnUlon nod ralricUon In pmduiitloa. 




Wkf th* pUp bu nol been pmaed ~ _...-_ « 

n«drl4finM] policy of IhecompAnj.^.^,.. „..^.....,....„„^,^.^..^^m^^....»..,...4 

NUj adnpua focCompDii; lo ova nod vork BMl propcrtln „_...._... 

OiUfiot "■' of Coal and Iron Company's propertlat, DwainbcT SUt, ISIl.... 
~ ~ Caul ind troa Company's eipendUura tram 1S71 to IBMlneliii 




rASs 

Condition of niilwuT and character of niainteuauce , 87 

Terminals in Philaddphla 09 

Equipment maintenance 70 

New Railway c<»nnectionrt 7S 

Financial summary 74 

Recommendations 76 

In conclusion 80 

Discrepancies in report cxplainud 80 

Report on condition of traclc by T. K. SinkeU 85 

Report on rolling stoclc and machinery by Frcderiok K. SU'lcelH 18 

General Manager's explanations 82 

Chief Engineer's explanations W 

Table A, StoclcHand bondM owned by the P. and K. R. R. To 101 

Table B, Stocks, bonds, and loans owned by the P. and R. C. A I. Co 102 

Table C, Senior liens that underlie the general mortgage — Railroad Compaoy 103 

Table D, Divisional purchane-money obligations — Coal and Iron Company 108 

Tkble K, Genera] and improvement mortgage:*, and other obligations that can Iw retired 103 

Table F, Debenture and other unsecured Junior obligations of both companie?* 104 

Tftble G, Schuylkill Navigation Company obligations 101 

Table H, Susquehanna Canal Company obligations > 101 

Table I, Obligations guaranteed by Railroad Company ^ lOS 

Table K, Leased properties and rentabi lOS 

Table L, Mileage of railroads in charge of Roadway Department 107 

Table M, Railroad corporations controlled by the I*. & R. Company.^ 106 

Table N, Rlast fiirnaces „. 109 

Table N, Rail mUls 109 

Table N, Iron manufacturing establishments 109 

Receirers* Rc}>ort for the year ending November :uitb, ISKt 110 



OFFICE 



PUladelpbia and Reading Railroad Company, 



No. 2t7 SOUTH FOURTH STREET, 



Philadelphia, January 4th, 1882. 

To the Shareholders of the Philadelphia and Reading Railroad Com- 
pany: — 

In submitting this yearly report, the properties of the Rail* 
^^d Company and the Coal and Iron Company will be treated as 
^^e interest, both having a common ownership. The figures 
given cover accounts of both companies for the fiscal year ending 
November 30th, 1881. 

The principal properties owned, controlled, and leased are the 
following: 

^y the Railroad Company. — 

•A. — 84&j^ miles of railroad — 306^ miles of double track and 
^^^G^ miles of coal lateral lines and sidings, in all equal to 
^^A mil^ of single track, with 508 locomotive engines and 
^1»960 passenger, freight, and coal cars, which is the equivalent 
^* 18,138 eight-wheel cars, with machine and other shops and 
Conveniences necessary for repairs and reconstruction. The 
5^^^H>lcs show the total expenditures for account of this property, 
^eluding the ship-yard at Port Richmond, and the rail mill at 
ling, to have been $45,308,742.06. 




B. — 153^^ miles of canal and slack-water navigation, with 
328 canal barges, 332 mules, with other equipment and stock 
necessary for working these properties. The yearly rentals paid 
by the company for this class of property amount to $879,265.20. 
Capitalized at rate of six per cent., they represent a cost of 
$14,654,420.00. 

C. — 13 steam colliers, with tonnage capacity of 15,600 tons, 
66 coal barges, 2 schooners, and 2 steam tugs for use at 
Richmond terminus in distributing coal to the various points 
along the coast. The cost of this property is shown by the books 
to be $3,038,324. 

D. — $12,256,377.95, par value of stocks and bonds that have 
cost the company $8,042,762.12 ; for particulars of which refer- 
ence is made to Table A. 

By the Goal and Iron Company. — 

A, — 160,566 acres (251 square miles) of land, of which 91 J.49 
acres (142 square miles) are anthracite coal lands, being 60 per cent. 
of the anthracite coal areas in what is known as the Schuylkill, 
Shamokin, and Mahanoy coal <listrict, and 30 per cent, of all the 
anthracite coal fields in Pennsylvania. There are 87 workable 
collieries on the proj>erties owned and controlled by the company, 
including the 9 on leased lands, of which 50 were worked by 
the company, 21 were leased, and 16 were idle during the last 
year. The books show the actual capitalized expenditures 
to November 30th, 1880, for account of this i)roperty, excluding 
interest and losses in working, to have been $44,840,739.69. 

B. — 15,010 acres of iron ore lands (9091 acres held under 
lease), with 5 workable ore-banks or mines, represent, including 
the improvements, a cost of $859,709. 

C. — 14 iron furnaces for the manufacture of pig metal, 2 iron- 
rail mills, and 5 other iron manufacturing establishments. These 
properties have cost the company $2,490,550. 

D. — $11,055,746.00, par value of stock and bonds that have 
cost the company $5,955,297.09 ; for particulars of which refer- 
ence is made to Table B. 

The ownership or control of these various properties, including 
the company^s investment in stocks and bonds and properties 



controlled by lease or otherwise, represcut a capitalized eost, as 
shown by the balance-sheet, of $210,080,924.27. 

The figures in these statements are based on a joint Imhtnce- 
sheet of theltailroad C'onij)any, the Coal and Iron ('onij)any, an<l 
the Receivers, dated November oOth, 1881, >vhich will be found 
on pages 42 and 4o. 

Business kok 1881. 

The following statement shows the gross revenue, working ex- 
j>enses, rentals, interest, and sinking funds of the Philadelphia 
and Reading Railroad and the Coal and Iron Companies for 
1881, in comparison with the previous year: — 



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9 

The revenue statements and balance sheets, furnished by the 
Receivers, show apparent credit balances for the business of 1881. 
as follows : — 

For the Railroad Ck)iiii>auy $142,588 65 

For the Coal and Tron (V>mi>any 40,667 49 

Ap])areiit credit balance, $183,256 14 

Had the following items from the balance-sheets been written 
oflF, as, in the opinion of your Board, and as is customary with 
other railway corporations of the same class, they should have 
been, and charged against revenue, a correct balance would have 
been shown on the dehit side, as follows : — 

For cost of 12 lo(romotives purchased in 1881, to replace old en- 
gines worn out and condemned, and 1236 cars built in the 
company's shopB, the (^»8t of which, with other similar expen- 
ditures, stands on the general kidger in an account called 
"new engines and cars," all of which should be properly 
char^ against revenue $898,660 37 

For loss on 10,170 tons old rails, cumtracted for at $44.50 per ton. 
The rails were received during 1880, and paid for at current 
rateji by Rcccivi^rs, and the<-laini of the seller for reclamations 
was adjustiHi or recognized in 1881, and should have been 
written off into profit and loss account *182,61» OJ) 

For amounts due sinking funds under the general, and under- 
lying mortgages for year 1881 961,000 Ot) 

For rebuilding Wissahii'kon Bridge and Wayne Juncti(m depot, 
for cost of sidings on main line and laterals, forex])enditun^H 
on elevator-wharf, and other similar expenditures, that 
stand on general ledger in an account called " Depots and 
Real Kstate,'* all of which should be properly charged 
at^inst revenue 148,605 15 

Total debits $2,190,884 52 

Leas credit balance, as above 183,256 14 

Actual debit balance $2,007,628 :W 

which is the amount the two <:c)mpanicj^ were short of earning their current ex- 
penditures, losses, fixed charges for inU^rest and sinking funds, for fiscal year 
ending November 30th, 1881. 

RAILWAY COMPANY. 

The following comparative statement shows gross revenue, 
<>perating expenses, rentals, interest, sinking funds, profit or 
loss, and dividends paid each year from 18G9 to 1881, both in- 
<5Ju8ive, by the Philadelphia and Reading Railroad Company: — 

^OTE.— There are two other similar claims for rivlaniations under coDtracis for old railH. 
'*Matiag to aboai $80,000, oue uf which is Iwing contested in the court. 



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11 

Railway Earnings. 

The gross revenue for the year 1881 was $18,612,440 67 

being an increase over the previous year of $1,673,555.08, 
or 9 per cent. 

The expenses of the Company were 56^ per cent 10,489,946 81 

being an increase over the previous year of $1,242,455 76, or 

13^ I)er cent. 

Balance $8,122,493 86 

From which deduct rentals and interest on leased properties.... 2,546,958 54 



Net revenue $5,575,535 32 

which is an increase over the previous year of $379,141 35 or 7i per cent. 

The Greneral Manager's report* under date of December Ist, 
1S81, shows that — 

The coal tonnage for the year was 8,040,375 tons, an increase 
of 866,977 tons, ec^ual to 12^ per cent., with 48 days suspension 
of coal production, by agreement among the coal companies, 
against 81 days of suspension during the year previous. 

The- receipts from transportation of coal were $9,019,427.19, an 
increase of $661,615.64, equal to 7^^ V^'^ cent. 

General nuirchandise tonnage was 6,()95,535 tons, an increase 
of 810,455, equal to IS^^^ per cent. 

The receipts from transportation of general merchandise were 
$5,681,119.69, an increase of $622,975,091, equal to 12-i^ per cent. 

The number of passengers carried was 10,521 ,4f>2, an increase 
of 099,040, equal to 7|V P^i" ^*cnt. 

The receipts from transportation of piissengers were $2,857,- 
*)8W1, an increase of $183,232.29, equal to 6|^ per cent. 

Traffic Statement for Five Years. 

A comparative statement of the traffic returns for five years is 
given in the following table : — 

1877. 1878. 1879. 1880. 1881. 

N'».ofi>Msenger8 carried.... 6,674,889 6,376,413 7,908,648 9,822,422 10,.'361,86S 
N'o. of tonii of c<»al, 2240 lbs. 7,255,318 5,909,140 8,147,680 7,179,399 8,072,142 

^aOWlbT''^™^'''''*"'^'^'! ^'^^'^^ 2,757,839 4,177,976 6,144,044 5,965,818 
5fo. of tons of CoinpanyV I 3^3 ^ ^^ ,,^ .^^ 

tttterialB, 2000 lbs ) 

^otil tonnage of (lompany 1 

(2000 lb«.), including. jjj^33^.^g 10,383,317 14,673,159 14,842,766 16,841,807 
weight of passengers and | 
^nipany's materialfl J 

* The figure* for NoTember estimated. 



12 

The Greneral Manager estimates the expenditures for necessary 
additions to the property during the current fiscal year as fol- 
lows : — 

For steam forge and blacksmith shop facilities, including tools $25,000 

" Reading shop &cilities for passenger cars 8,000 

" car shop facilities at Richmond, Schuylkill Haven, and St. Clair.. 24,000 

" engine-house at Richmond 12,000 

" coaling platforms 8,000 

" lengthening present lie-off sidings on main line 84,000 

Total $161,000 

He also recommends, in view of the increasing traffic on the 
Bethlehem Branch, of the North Penn and Bound Brook Division, 
that steps be taken towards the completion of a double track 
along its entire length, making new track of 27 miles. 

Additions and Improvements. 

The Greneral Manager reports that 12 passenger and switch 
locomotives were built at the shops of the company, and 30 con- 
solidation locomotives with the " Wootten boiler " were built by 
Burnham, Parry, Williams & Co., during 1881 ; that these 42 loco- 
motives were not additions to the number, but were for filling up 
blank numbers of old locomotive engines that had been con- 
demned as unfit for further service. 

He reports 1340 coal and freight cars as having been built in 
the company's shops, of which 106 were to replace old cars worn 
out and destroyed. 

The records show that the cost of 12 of these locomotives and 
of tlie 1234 cars was $729,397.45, and that this amount was 
charged to construction account under the heading of " new loco- 
motives and cars." 

No reason is assigned for charging to construction account 
instead of to maintenance the cost of new locomotives purchased 
to replace old ones worn out and condemned. Such a system of 
book-keeping is certainly not usual on first-class roads, and it is 
misleading to that large class of shareholders and creditors, who 
are in the habit of assuming that any increase in the capital 
accounts of an old corporation represent actual additions to the 
property, and not simply maintenance of the integrity of the 
original plant. It is also liable to deceive that portion of the 
public, who accept as correct the published statements of net 



13 

results, without knowing that they are arrived at by such un- 
usual deductions from current expenditures for maintenance. 

His estimate for additional equipment for account of 1882 is as 
follows : — 

28 LocomotiveB («> $14,600 each $408,800 

1230 Coal i-ara " 540 " 664,200 

»80 Freight care *• 520 " 509,600 

18 Paueenger " ** 4JbO " 85,500 

Totil $1,668,100 

Of this equipment about one half the estimated cost, all but 
1000 coal cars and 750 freight cars, has already been authorized 
or is contracted for. 



RoA[)WAY Maintenance. 

The Chief Engineer reports under date of De<^ember 1st, 1881. 
that 

** Tlie want of prc)iii]>tly furniBlihig the road witli the refjuired rails, ha» 
uiade it at certain places rather rough, but within the lat^t month or two more 
attention has been paid t4> filling the refjuiHitions, and great improvement in 
the appearance of the tracks ifi perceptible, although it doen not come up to 
what it ought to be. Tlie policy of introducing a greater amount of steel rail is 
heartily endorsed by me for roads of heavy t^mnage, and for tracks of leaser 
tonnage and with heavier curvature. The road-bed of the main line and its 
principal branches is in first class condition, except that more st^el rails could 
with advantage be intrinluced." 

He report*, in addition to his estimates for roadway labor 
and material, that an expenditure of ?336,000 should be made 
for renewal of rails, and he makes the following recommendation, 
that is approved by the Board of Managers : — 

** I wouhl recommend that a larger j)roi)ortion of steel rail would be given 
OS in placv of ir<»n rails (estimated, to be plai'cd in such parts of the road where 
they are of m<^t use, and with a view of continuing this ])ractice until the 
whole main line, Germantown and Norristown, and Bethlehem branches 
nliould be finished with steel rail. As the coHt of steel rail delivered to us, 
taking due credit for the old inm removed, is ^M per ton, and c'ost of iron 
idmilarly <Tc^diteil is ij»19, the difference between steel and in)n is ^12 i)er t<»ii, 
and as in both ca.'^es the cost of labor is the same, this ditierence becomes a 
constant charge. From this it will be seen that if an annual provision for say 
•VXK) tons of stei*l rail should be made, then the a(*count of 'renewal of rails' 
wuuld onlv l>e increase<l ?60,00(».'* 



/ 



14 
His estimate for new work during 1882 is as follows: — 

For roadway, change of alignment, and second track $327,318 65 

" new sidings 167,525 (X) 

** bridges 136,020 00 

** new stations 114,250 00 

" water stations 62,146 10 

** other structures 112,536 00 

Total $919,705 75 



COAL AND IRON COMPANY. 

The accounts furnished by the Receivers show that : — 

The gross revenue for 1881 was $15,007,219 17 

Being an increase over the previous year of 

$1,350,618.49, or 10 per cent. 
The expenses of the company were (92 per cent) 13,807,774 05 
Being an increase over the j)revious year of 

$039,056.61, or 4^*^ per cent. 



Balance $1,199,445 12 

Which is an increase over the previous year of 

$711,561.88, or 146 i)er cent. 
The yearly interest on direct liabilities held bvthe 
public, not including any interest on $54,370,- 
626.02, investment of the Railroad Company, is... 1,158,777 63 



Credit balance for year's business $40,667 49 

These figures include revenue and current expenditures on 
account of mining coal, iron ore, and of iron mills and furnaces 
worked and leased, and from real estate, rentals, &c. 

In this statement, no dedu(?tion or allowance is made for future 
<levelopment — new openings and mining facilities, for increasing 
capacity for mining and delivering coal. Usually from 10 to 15 
cents per ton of coal mined, is set aside, currently, for such improve- 
ments. Had but 10 cents per ton been so set ai)art, $393,760.71 
would have been so expended, and the small credit balance re- 
ported, would have been changed to a debit balance of $353,093,22. 
The detailed reports for 1881 show that the reported profit on 



15 

3,937,607.12 tons of coal mined by the company was $701,153.84, 
which is at the rate of 17-i'5^ cents per ton of coal mined. 

That the company received from tenants as a rental or royalty 
for its leased collieries, on 1,129,891.03 tons mined, the sum of 
$310,908.02, which is at the rate of 27^ cents per ton of coal 
mined. 

That the company paid to other owners of coal lands, as rental 
or royalty for 947,976.08 tons of coal mined, $342,424.33, which 
is at the rate of 36^ cents per ton of coal mined. 

Mining Engineer's Report. 

The Mining P]ngineer reports* on December 1st, 1881, as to the 
collieries, that — 

** There has been during the pa^t year a full n)aintenance and expenditure 
for the necessary dead work. The i)refent condition of our collieries is better 
than irt UHi:al for this season of the year, and is such as to permit of their bein^r 
worke<i up to their fullcapaeity of production. That the extremely wet weather 
of the early sj^rinjj, followed l)y the remarkably dry season of August, Septem- 
lier, October, and November, have had the effect of decreasing the production, 
and increasing cost." 

On the lands owned and controlled by this company there are 
78 collieries, of which 41 have been worked during the year by 
the ccmj any, 21 have been leased to other parties, and 16 have 
been temporarily idle or undergoing repairs. The company has 
also worked 9 collieries leased from owners of other lands. 

Coal Production from tiik Company's Estate. 

The total tonnage mined by the company was 8,937,607.12 

The total tonnage mined by tenants on lands owned 

by the company was 1,129,891.03 

The total tonnage mined by tenants on lands con- 
trolled bv the companv was .*]oS,452.10 

Total production* 0,425,951.05 

which is an increase of 4r)5,752 tons, 9-j^,y per cent, over pro- 
duction of the previous year. This production is c(jual to 19,850 
tons of coal ])or dav for each full dav worked. 

This tonnage is the largest ever produced, except during 1879, 
when there was no restriction on nnning by agreement, w^hile 
he rej)orts fifty-one days of such restriction during the past ye^ar. 

"NoTiL— The Agurex for November, 1»W1, are c<ttimat<f]. 



16 

He reports the collieries worked by the company as in excellent 
condition, and prepared to ship at the rate of four hundred and forty 
thousand tons for each full month worked^ That the preparatory 
and dead work for the next year, such as gangways, schutes, head- 
ings, airways, tunnels, cut coal, <fec., and the outside improve- 
ments, breakers, and machinery an^ well advanced, and fully 
equal to any anticipated requirements. He reports cost per ton 
for mining coal during 1881 at ^1.50^, an increase of My-^ per 
ton over th(» cost in 1880, this increase being due to advance in 
wages {)aid, to the method of restri(*ting production, to the ad- 
vance in cost of supplies, <fec. 

His estimate for improvements, structures, and nuichinerv 
that are under way or arranged to be completed during tlie 
coming year, is $100,700, which amount is included in his esti- 
mate of i^ost per ton for mining coal ($1 .45^^ P<*r ton) for 1882. 

His estimate for additional imj>roved oiH^iings, and for struc- 
tures and machinery which it is proposed to make and construct 
during 1882, to increase the output and cheapen the cost of 
mining several (collieries is $254,0(.K), which amount is also in- 
cluded in estimate of the cost per ton for mining coal ($1.45^ 
l)er ton) for 1882. 

His estimate for I'xtraonliiiary exj>en<litures chargeable to 
improvement^, n>(piired during the next fiscal year, are — 

For completion of the Mahanoy .Tij: lloiwe $!)0,000 

To oonstnic't a dam or reservoir on the Waste Iloune Run . . . 30,000 
For ditching the Mahanoy Creek, one-half of which Rhould he borne 

by the landownern 30,00<) 

For chanpe in Pottwville paf^ongcr station and railroad yard, changes 

that will n<H*eHsitate the removal of structures now occupied by 

the Coal and Iron Company, including repair shops, supply store. 

houses, and stables 75,000 

For a dam or retaining rescrv<»ir in the llecksherville Valley . . 5,000 

Totid $170,000 

The Chief Engineer estimates the present maximum capacity 
of coal production from the collieries now worked by the com- 
pany at 440,(100 tons for each full month worked, or 5,280,000 
tons for the current year. The producti<m last year was but 
3,937,007 tVh^ tons, iiut for the heavy water and snows in the 
spring and winter, and the extraordinarily dry summer and fall, 
he re[>ort^ that shipments would probably have reached 4,750,000 
tons. 



17 

To secure in the most economical m^tnner an increase of 25 per 
cent, in tonnage from the present maximum capacity of produc- 
tion from collieries worked by the company, he reports that it 
will be necessary : — 

(a.) To open collieries now idle, of which the railroad sidings, 
breakers, outside improvements, and mine openings, are complete 
or nearly so. 

(6.) To open new collieries at points where the present work- 
ing collieries are nearly exhausted or not profitable. 

(r.) To open additional collieries in new territory as near to the 
shipping point as they can be located. 

His estimate of the probable cost of nine such reopenings is as 
follows : — 

Four collieries, with capacity of 36,800 toii« monthly output, to be re- 
ojiene^l clurinp twelve months, will cost $180,000 

One collier}', with cajmcity of 14,000 tons monthly output, to be reop- 
ened during eighteen months, will cost 65,000 

Tliree collieries, with capacity of 35,500 tons monthly outjmt, to l>e 
reopened by sinking shaft during twenty-four months, will cost 400,000 

One new shaft, with capacity of 14,000 tons monthly output, to be made 
during twenty-four months, will cost 150,000 

Total $795,000 

The increased cai)acity of j)roduction (which will not be obtained till 1884) 
from these openings, will be 100,300 tons monthly, or 1,203,600 tons yearly. 

The following statement shows the nionthl}' shipments of coal 
from mines worked by the company during 1878, 1879, 1880, 
1881, with an estimate for 1882, which it will be seen exceeds the 
above estimated capacity for 1881, by 104,416 tons : — 



Month. Shipments. ShipmenU. ' Shipmcnta. Shipments, ^lipmenta 

, 1878. ! 1870. , 1880. i 1R81. 1882. 

Derember .161,829 06 214,046 07 816,044 11 209,223 09 282,240 00 

Janoarj 96,935 M 208,188 17i 2:W,:J75 m' 222,2W 04 279,216 00 

February 65,680 18 260,001 01 109,.'502 11 23r>,161 08 248,640 00 

Mircb „ 89,324 06 .T23,378 10, 254,792 18 283,874 ft"» 290,808 00 

April 189,983 03 373,040 16' 318.726 07. 2.'>:t..T46 16 3851,040 00 

3Ut 240,057 06 418,642 09, 247,777 02 298,377 19 463,»48 00 

June ^ 33:i,193 06 89H,19.'> IS 26«i599 01 3riO,40.3 15 478,016 m 

July «. 191,880 «W 412.490 13' 211,634 W. ;ii>2,375 10 490;i:W 00 

Angutt d41,129 03 413,270 O.') 244,3.35 12 4:M,&43 02 498,314 00 

Beyiember ', 139,736 11 419,241 05 439,615 13 416,459 18 506,968 00 

Oetoher 299,268 (rj' 440,464 02 .'<61,198 15 420,115 17 466,480 00 

Xorember 378,590 14 :{88,969 02 .393,861 14 410,000 00 466,480 00 

Totals 2,727,608 014,269,929 05 3,460,464 03 3,926,216 03 4,854,416 00 

CMtiierlon $1.2.3^15 81.14, |b , 91A^jU ?1."'«i8b 91M^U 



18 

Suspensions of Work. 

The collieries have been worked 198-^ full days in 1881, as 
compared with 173^ days in 1880, 243^ days in 1879, and 
167^ days in 1878. During 1881 the mines were w^orked but 
63^^ per cent, of the full number of working days, leaving 
36^\j^ per cent, of lost time, of which 13^^ per cent, was due to 
suspensions by agreement. The number of days suspension by 
agreement in 1881 was 51 days, against 88 days in 1880, no sus- 
pension in 1879, and no agreed suspension in 1878, when each 
miner regulated his working days, under an agreed limitation of 
tonnage. The average numb6r of working days, deducting for 
lost time from restriction by agreement, holidays, funerals, 
pay-days, &c., during the four years was, 193^%, or 61-j^ per 
cent., reckoning 312 working days for the year. The Engineer 
estimates that 240 working days out of 312 is all that can pru- 
dently be counted on in coal mining : that there will always be 
an average of at least 72 days lost time for accidents, holy days, 
holidays, funerals, &c., when the mines can not be worked. 



Coal Production and Transportation. 

A brief description of the area of anthracite basins in Pennsyl- 
vania, their location, and comparative distances from tidewater, is 
necessary in order to give a proper understanding of the coal 
business. 

There are three distinct divisions of anthracite coal terri- 
tory, known as: — 

The Sohiiylkill District 237 square milee. 

" Wyoming " 198 

" Lehigh " 37 

Total anthracite area 472 " " 

This coal territory is located altogether in the State of Penn- 
sylvania, in eight counties, viz., Luzerne, Lackawanna, Schuyl- 
kill, Northumberland, Carbon, Dauphin, Columbia, and Susque- 
hanna. 

The whole production of anthracite coal from each of these 
districts in 1879-1 8S0-1881, compared with the production in 
1809, was as follows: — 



19 
Comparative Statement of Anthracite Coal Output. 



1 



Average for 
1869. 1879. , 1880. | 1881. ; last three 
I I years. 



— I 



From ScbuylkiU District Tons., 6,725,138 8,960,329 7,554,742, 9,146,5241 8,553,865 

« II II Fer cent, increase ) ' 



** Wyoming 

U M 

** Lehigh 

u u 



OTerl869.:.T!| 1 ^^\ ^^A, ^^A, «A 

Tons.' 6,068,389 12,586,293 11,419,279 18,786,589, 12,597,887 

^''S5?rSw9^}i ' 1«7A' 88A' 127a| 107* 

Tons. 1,929,5281 4,595,5671 4,463,221j 5,297,257- 4,785,848 

''"o'^SmK!?!} , »»A, "Ift 174*! IIS 

._. 1 1 



I 

I 



Total Tons. 1 18,728,030 26,142,189 23,437,242,28,230,370 25,936,600 

''''S?Sii*8i9?.*^}l ' «>A 70ft 105/J 89 



I 



The Schuylkill District consists of what is known as : — 

The Southern coal fields 146 square miles. 

" Middle coal fields, Shamokin 50 " 

" Middle coal fields, Mahanoy 41 " 

Total 237 " 

The coal estates of the Philadelphia and Reading Company 
lie altogether in this Schuylkill district, in the counties of 
Schuylkill, Columbia, Northumberland, and Dauphin. They 
consist of 91,149 acres (142 square miles) of coal lands, which is 
60 per cent, of all the anthracite lands in the Schuylkill district, 
and 30 per cent, of all in Pennsylvania. 

The company also own nine collieries on leased lands — four 
being on lands belonging to the city of Philadelphia, four on 
the Gilbert lands, and one on lands belonging to the Girard heirs, 
all lying near the centre of the Mahanoy district. 

The number of workable collieries owned by the company is 
87, of which 71 were in operation last year, including the 
9 leased collieries, and produced 5,425,951.15 tons of coal. The 
distance from Schuylkill Haven, the principal coal ship- 
ping point in the Schuylkill district to tide water at Port 
Richmond, is 89 miles via the Reading Railroad ; from Mauch 
Chunk, the principal shipping point in the Lehigh district, the 
distance to tide water is IIG miles ; from Wilkesbarre, in the 
Wyoming district, the distance to tide water is 1(58 miles; and 
from Scranton, in the Lackawanna region, the distance is 148 



20 

miles to tide water. These figures show that the Reading prop- 
erty is nearer by 55 miles, than the average distance from the 
other coal districts to a shipping point at tide water; and there 
is also a very decided advantage in gradients, as, practically, a 
locomotive engine on the Reading Road can handle as many 
loaded cars in a train to Port Richmond, as it can haul back 
empty ones. 

At Port Richmond the company owns very extensive and com- 
plete arrangements for handling, storing, and shipping coal, 
which, coupled with such advantages in both gradients, and 
distance from the coal-producing districts, should enable the 
Reading Company to produce and transport to market, its full 
proportionate amount of the output of anthracite coal from the 
Schuylkill district, and relatively as an owner of coal territory, 
its proportionate amount of the aggregate output from all the 
anthracite districts. 

This it has not done during the last five years. The percentage 
of Schuylkill output transported by the Reading Company, has 
steadily diminished from 83^^ per cent, in 1877, to 75^^ per 
cent, in 1881 ; and the percentage of the aggregate output from 
all the anthracite districts, that was transported by the Reading 
Company, has as steadily diminished, from 32^^ per cent, in 
1877, to 24^^^- per cent in 1881. 

The following statement, shows — 



21 



Anthracite Coal Tonnage. 



Comparison for five years, 1877 to 1881 inclusive. 



Total output.... 



1877. 



1878. 



1879. 



1880. 



20,847,681 17,605,261 26,142,689 23,487,242 



1881. 



28,280,870 



Prodaction from Schuylkill region. 



8.195,142 6,282,226 8,960,329 



Pereentage of total output from Schuylkill 
region 



Transported by P. and B. R. R.. 



39.31^ 



6,842,105 



Fiereentage of Schuylkill output transported 
by P. and R R. R 88.49 ^ 



Percentage of total output transported by 
P. and R. B. R « 32.82 ^ 



7,554,742 



35.68^! 84.28^ 32.23^ 

_l : 



9,146^ 



82.40 ]( 



I 
5,112,218 7,442,617 5,933,922 6,901,046 






81.38 «( 83.06 )(! 



78.54 ^ 76.45 i 



29.04^ 28.47^, 25.82^. 24.44 ]( 



The coal tonnage from the estates of the Coal and Iron Com- 
pany during five years is shown in the following table : — 



I Mined by the 
Company. 



I Tons. cwt. 

1877 «. 3,794,528 16 

1878 2,727,608 01 

1879 4,269,929 05 

1880 8,460,464 03 

1881 - 8,937,607 12 



Mined 
by Tenants. 



Tons. cwt. 
1,389,108 07 
1,100,181 00 
1,800,322 08 
1,2:)5,642 10 
1,4S4,992 16 



Total. 



Pe«*nt.g. of aSf„',«JJa 

I Toul isch'kHi *«":!.1!;l~»' 



output, region.; 



Tons. cwt. 
5,183,687 OS 
3,827,789 01 
5,570.251 13 
4,696,106 13 
5,422,600 08 



on cars. 



24A 


63A 


21A 


62A 


21A 


62A 


20 


«2A 


19A 


WA 




Comparative Statement and Distribution of Coal Tonnage. 



The following table shows the coal tonnage and distribution 
of coal tonnage for 1879, 1880, and 1881 in comparison with 1869. 





1 

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23 

These figures show, that while there has been a considerable 
gain in coal tonnage reported as moved by the company, but a 
small part of the increase was productive of profit to the rail- 
way. Excluding from the account coal shipped by canal during 
the three years, 1879, 1880, and 1881, in comparison with 1869, 
the distribution was as follows : — 

A. — In Line and local tonnage by rail (including Philadelphia, 
and points on the Delaware from Trenton to the Capes) there 
was an average increase of 812,154 tons, or 40-j^ per cent, gain in 
eleven years, which is at the rate of but 4^ per cent, yearly 
since 1869. 

This increase in line and local tonnage was not equal to the 
natural growth' of the country, and more especially of the man- 
ufacturing and industrial interests along the line of road and in 
the city of Philadelphia. The great natural advantages of the 
Reading Company in this field, would of itself seem to be a 
sufiBcient protection in supplying tliis local demand, and should 
have enabled the company to comj)ete successfully in these 
markets with other coal-producing companies. 

B. — In Competitive tonnage to Port Richmond (less Philadelphia 
and river tonnage included in local) there was an average 
decrease of 128,004 tons, or 7^ per cent, in comparison with 1869. 
Of competitive tonnage to Elizabeth, South Amboy, and Port 
Johnson (hauled eighty additional miles from Philadelphia via 
Bound Brook route), the average yearly shipments were 484,461 
tons, against nothing in 1869, as the Bound Brook route was 
not then opened. 

The competitive tonnage via Port Richmond has decreased an 
average of 128,004 tons, or 7i^ per cent, during each of the past 
three years from what it was eleven years before, although the com- 
pany has, during the whole period from 1809 to 1881, owned exten- 
sive and convenient storing and shipping facilities at that point, 
and its railroad has the advantage of easier gradients, with 
a shorter haul to tide-water, than the roads of any other 
coal-transportation company. The average yearly shipment 
over the Bound Brook route to New York Bay of 484,461 
tons, represents what would probably have otherwise been the 
natural increase in yearly shijiments via Port Richmond. 
The decrease in tonnage by rail and the Delaware and Raritan 



24 

Canal, and by the Schuylkill Canal and the Delaware and Rari- 
tan Canal, very nearly equals this increase. Unless Port Rich- 
mond has reached its maximum capacity as a coal-dis- 
tributing and shipping point, it would seem to be of doubtful 
•expediency for the company to ignore its advantages, by trans- 
porting its coal tonnage eighty additional miles, in part over 
the road of another corporation, from Philadelphia to New York 
Bay, where it must be handled and delivered at an increased 
cost, from a terminal property not owned by this company. Any 
surplus of production that can not be disposed of locally, or via 
Port Richmond, should of course be sent to the nearest market, 
and there is an obvious advantage in having the use of the Bound 
Brook line in case of the closing of the navigation of the 
Delaware by ice, but it would seem to be the true policy of 
the comj)any, to stimulate and increase as much as possible coal 
shipments to points on its own road, and to competitive points 
via Port Richmond and Philadelphia, that can be reached by 
its barge lines and steam colliers, and other water transjx)rtation. 

C. — East boimd tonnage, 107,730 tons, via Lehigh Valley Rail- 
road (1^0^ miles haul). 

West bound tonnage, 25,470 tons, via Catawissa Branch (601 
miles haul). 

West bound tonnage, 409,723 tons, via Northern Central Rail- 
road (4§ miles haul.) 

The average shipments of east and west bound tonnage during 
three years, aggregate 01U,185 tons, yearly, against nothing in 
1809. ^ 

The aggregate shipments east by the Lehigh Valley and 
west bv the Catawissa branch and the Northern Central Railwav, 
seem to have reached the maximum in 1879, as thev have 
steadilv decreased eacli vear since then. 

D. — Lthiffh and Wyoming tonnage (two thirds hauled 5-j^ miles, 
one third hauled 33^^,,- miles.) 

These average yearly shii)ments were 817,084 tons; the in- 
crease over 1809 was 200,550 tons. 

Of the Lehigh and Wyoming tonnage two-thirds of it 
should not proj)erly be rej)orte(l at all, as it is little more than 
a transfer for a distance of o-^(^ miles, at Silverbrook Junction, 
and the transfer charge of five (5) cents i)er ton is all the company 



25 

receives from this source. The remaining third, by AUentown 
and Bethlehem, is hauled but 33^^ miles. 

Comparing the reported coal tonnage moved by the Reading 
Company during 1879, 8,147,579 tons (the largest ever reported in 
the historj"^ of the company), with that for 1869, if we deduct 
canal shipments, shii)ments of bituminous coal, and coal used on 
laterals and by the company, the increase, was but 2,237,013 
tons, or 54^ per cent, in ten years. If we deduct from such 
increased toimage, that from which little or no net revenue is de- 
rived, i. c, the Lehigh and Wyoming transfer, the East and West 
shipments by the Lehigh Valley, Northern Central, and Cata- 
wissa roads, it leaves but l,379,o()3 tons, or 38^^ per cent, in- 
crease over 1869. 

For 1880, making the same deductions, the gain was but 798,- 
832 tons, or 22^ per cent, over 1869. 

For 1881, making the same deductions, the gain was 1,334,059 
tons, or 37^ per cent, over 1869. 

The yearly average increase for 1879-80-81 over 1869 was but 
1,170,818 tons, or 32^ per cent, of what may be considered as pay 
or revenue tonnage. 

The total output of anthracite coal from all the coal districts 
was 28,230,370 tons in 1881, against 13,723,030 tons in 1869, an 
increase of 105|^(j^ per cent. 

The total output from the Schuylkill district increased from 
5,725,138 tons in 1869 to 9,146,524 tons in 1881, or 59yV por cent., 
but, as before stated, the increase of the Reading Company's 
paying tonnage was only 37^^ per cent. 

Combination and Restriction. 

On the 16th of January, 1878, seven coal-transporting com- 
panies, the Reading being one, executed articles of association 
forming what was known as " The Anthracite Board of Control." 
Pending the negotiations that resulted in this arrangement, the 
Rea<ling Company claimed the right to furnisli 33 per cent, of 
the total output of anthracite coal, this being its proportion 
of the estinuited total production. By the terms of the agree- 
ment, '2>S-fi^^^ per cent, only was allotted as the proportion to be 
furnished by the Reading Company. Under this arrangement 
tlie total coal tonnage moved by the Reading Con)pany decreased 



26 

from 7,255,318 tons, at ^l.Oa^V per ton, in 1877, to 5,909,140 
tons at $1.22 per ton, in 1878; and the receipts fell off from 

$7,505,207VW to 87,206,952^^. 

This agreement expired by limitation December 31st, 1878, 
and for 1879 no arrangement was made— each company mining 
and transporting without restriction. There was sharp competi- 
tion among the different companies during 1879, and coal 
touched very low rates, but the tonnage moved by the Reading 
Company was larger than ever before in its history. It was 
8,147,579 tons at 88^ cents per ton, against 5,909,140 tons at 
$1.22 per ton the previous year ; the gross revenue was, however, 
but $7,186,222.01, against $7,200,951.58 the year previous. 

During 1880, better rates prevailed ; and while there was no for- 
mal agreement, there was a friendly understanding among the 
companies, with occasional restrictions of production by consent, 
aggregating in all eighty-eight days for the year. During this 
year the company moved 7,179,398 tons at $1.16^^ per ton, against 
8,147,579 tons at 88^^ cents per ton the year previous, and the 
revenue derived was $8,357,811.55, against $7,186,222.01 the year 
previous. 

During six montlis of 1881 there was an agreement restricting 
production throe days in each week ; but for the remainder of 
the year tlicrc was no restriction, each company producing to its 
full capacity. During this year the coal tonnage moved was 
8,040,375 tons at $1.12, against 7,179,398 tons at $1.16^^ the 
year previous ; and the revenue derived was $9,019,427.19 
against $8,357,811.55 the year previous. 

The records show that during 1878, there was over produc- 
tion by the Reading Company under the 28-j^y^ per cent, allot- 
ment agreement, and that it furnished 2d-^^^ per cent, of the 
total output of anthracite coal. 

During 1870, without any restriction on production, but with 
sharp competition between the companies, its tonnage was but 
28^VrH)- Jx^T <'<-'i^t. of the total output. 

During l.SSO, with better prices, and restrictions upon produc- 
tion for S8 days, its fonnage was 25^^(j^ per cent, of the total 
output. 

During the first seven months of ISSl, with forty -six days re- 
striction of production by agreement, its tonnage was 23^^y^i>er 



27 

cent, and for the remaining five months without restriction it 
was 25^^ per cent. — the average for the year being 24^% per 
cent, of the total output. 

X The coal tonnage moved by the Reading Company is of three 
kinds: — 

Fir$i, — That produced from the coal estates owned and con- 
troHed by the Philadelphia and Heading Ccal and Iron 
Company. For 1881, this tonnage was 5,422,600 tons. 

Second. — That produced from all the coal territory tributary 
to the Reading Koad, which includes the first clasa— that 
from the coal estate of the Coal and Iron Company. For 
1881 this tonnage was ; 6,901,046 " 

Third.— Thsit produced from other coal territory — the Lehigh 
and Wyoming Districts — that is moved over a part of the 
Reading Company's lines. For 1881, this tonnage was 1,145,329 

Had the Reading Company's estate produced in 1881 its full 
proportion of the total output of anthracite coal, according to 
the acreage it owned, it would have produced 30 per cent., or 
8,469,111 tons, instead of 5,422,600 tons. 

Had the Reading Company's estate produced in 1881 a full 
proportion of the total output of anthracite coal based on its 
ownership of the estimated quantity of anthracite coal in all the 
Penn.sylvania coal fields, it would have produced 32^^ per cent., 
or 9,090,179 tons instead of 5,422,000 tons. 

Had the Reading Company's estate produced in 1881 the same 
proportion of the total output of anthracite coal that it did in 
187l> it would have produced S2-^ per cent., or 9,265,007 tons 
instead of 5,422,600. 

Had the coal produced in the Reading Company's territory in 
1881 equaled the proportion allotted to it under the board of 
control agreement in 1878, 28 ffl^^ per cent., it would have pro- 
duced 8,080,943 tons, instead of 6,901,046 tons. 

These results furnish indisputable evidence that the Reading 
Company has lost position among other coal-pro<lucing corpora- 
tions during the past five years ; that its relative capacity to pro- 
duce coal has decreased each year since 1877 in comi)arison with 
its competitors, lis production in 1881, the largest in the his- 
tory of the coal trade, was but 5,425,951 tons against 5,183,637 
tons in 1877, an increase of but 4^^ per cent., while the total 



28 

production by all the coal corporations was 28,230,370 in 1881, 
against 20,847,681 tons in 1877, which is an increase of 35^j^ per 
cent. 

It appears, therefore, that while other companies have steadily 
increased their capacity of production by regular and judicious 
expenditures for new openings, breakers, machinery, and other 
facilities for mining and delivering coal, the Reading Company 
has apparently remained stationary, its production in 1881 and 
its estimates for 1882 being but little in excess of capacity of pro- 
duction in 1877. For this })olicy the local officers in charge are 
not probably responsible, as it was undoubtedly forced upon them 
by the management, because of the impoverished and embarrassed 
condition of the company^s finances. The practical result of such 
a forced economy in expenditures necessary to increase produc- 
tion has been, tliat when there was a restriction of production 
under agreement to half-time, the Reading Company could 
only produce at the same rate as in 1877, while competitive coal 
corporations were able to increase their deliveries over 1877 fully 
one-half, and in fact did so, as is shown by the foregoing figures. 
Had but five cents per ton (ten centos per ton is the customary al- 
lowance for such new work) on the coal ])roduction from the 
Reading Company's estate during the last five years, been cur- 
rently expended for new openings and machinery to increase pro- 
duction, $1,235,186.75 would have been so spent, and it is safe 
to say, that the result would have been to give to the company at 
least 1,500,000 tons increased capacity for the current year. The 
Engineer's estimate is, that it will require $965,000 to be exi)ended 
during two years to produce an increase in the monthly produc- 
tion of 100,300 tons. It is very evident, therefore, that it will take 
from two to three years of systematic expenditure in this direc- 
tion, to restore the company to its true position, relatively, with its 
competitors, as a coal-producing corporation. 

Valuation of Coal Estate. 

In July, ISSO, Mr. Joseph S. Harris, a mining engineer of great 
exi)erience and recognized authority in such matters, made an 
examination and valuation of the Reading Company's coal prop- 
erties at the retiuest of the Receivers. Each of *he eighty-one 



29 

properties owned by the company, together with its collieries 
upon leased lands, was separately considered, and a valuation 
placed upon it. In these valuations each property was regarded 
as an integral part of the aggregate estate, and the estimate of 
value was based upon what it will probably be worth to the com- 
pany when it comes to be worked. It will be observed, that this 
is a different inquiry from what would be the worth of any par- 
ticular colliery to an operator who couhl begin to ship coal from 
it at once ; and it is the only correct method that can bo pursued, 
in the case of a corporation which proposes to retain all of its 
coal lands, but can only make a small percentage of them 
available for profit at any one time. Thus treating the property 
as a w^hole, Mr. Harris in his report, points out the order in which 
the mines will probably be worked to the best advantage, and 
then makes liis calculation of value, by multiplying the average 
profit per ton by the probable production from year to year, 
deducting currently, from such estimated revenue, for cost of 
improvements, sinking funds, interest payments, &c., sufficient 
to provide for the original and all future expenditures represent- 
ing cost, maintenance, taxes, and improvements. The general 
result of his examination and estimate is stated as follows: — 

" I. That the Philadeli)hia and Reading Coal and Iron Compa- 
ny has in its anthracite lands in the Schuylkill region an estate 
which is not, and can not hereafter be paralleled in America for 
extent, productiveness, or value ; and that over the railway, canal, 
and steamship lines of its ally, the Philadelphia and Reading 
Railroad Company, it has unequaled facilities for reaching at low 
cost, the markets where its products are required, which are the 
best markets in the countrv. 

" II. That this estate includes nearly 30 i)er cent, of all the 
anthracite lands in Pennsvlvania, and that it can send to market 
nearly 34 per cent, of all the future product of anthracite of 
that State. 

" III. That, judging from the history of the coal trade, the an- 
nual production of this estate, which may l>e taken at 4,300,000 
tons at ])resent, will go on increasing till in fifty years it will 
reach its maximum at about 18,300,000 tons; that, after remain- 
ing at that figure for about twenty or thirty years, it will begin 
to decline, but that the estate will not be whollv exhausted at the 
end of the next centurv. 



30 

" IV. That, assuming the profit on the future coal product of 
the estate to be thirty cents per ton of coal shipped, that the com- 
pany will be able to reduce the rate of interest on the money 
needed to hold and develop the property from 7 to 6 per 
cent, per annum, and that the development will be at the rate 
just stated, the whole estate has a value of $32,394,799 ; that the 
company's interest in the estate is worth $30,630,648, and that, 
including colliery improvements belonging to the company, but 
situate on lands owned by others, the whole of the company's 
property is worth $31,197,484. 

" V. That of the original price of these lands there still remains 
unpaid the sum of $14,715,058.38, which amount is represented 
by mortgage bonds, and is mostly in the hands of parties other 
than the Philadelphia and Reading Railroad Company. 

It is due to Mr. Harris to say, in explanation of his computa- 
tions, that the estimates for development of the estate as a whole, 
.the assigning of collieries to the several tracts, and determining 
their time of opening and their probable production, were all 
made by the Reading Company's engineers, and that his method 
of valuation was applied to the figures so furnished to him. 

Mr. Harris recommended that five properties of the company 
that originally cost $5,207,167.08, upon which there are incum- 
brances of $5,015,000, should be surrendered unless creditors 
would consent to a reduction of their claims. 

In connection with the proposed surrender, and the dangers to 
be apprehended from the acquisition of these coal lands by rival 
companies, and the policy of monopolizing anthracite coal pro- 
duction in Schuylkill county, Mr. Harris used the following lan- 
guage :— 

" But little weight should be given to the fear that rivals will posseiw the sur- 
rendered property. ^Most of it i» not a tempting investment. If individuals 
develop it, tlie Phila<leli)hia and Reading Kailroad has a better chance than 
any other road to take the tonnage. But 1 will go further, and say that I 
think the policy of attempting to monoiK»lize anthracite is a mistaken one. It 
was a necessary and therefore a wise step, that was taken by the company 
when it bought coal lands to secure tonnage for the railroad, but when this 
policy is pushed much further, and the attempt is made to buy up all lands 
that might serve a rival interest, it does not prevent that interest from mining 
and selling coal, but simi)ly drives it away from the Schuylkill region, in whose 



31 

general proeperity the company is interested, and so aids in the development 
of some other region which is in no way tributary to the company^s interest. 
Twenty or thirty years hence there may be some opportunity to monopolize 
anthracite lands, but the present policy should be to surrender the lands in 
question, and having retained coal enough to last for one hundred years, trust 
to future opportunities to acquire what may hereafter be needed." 

It should also be noted, that while the percentage of increase 
in the total output has largely exceeded the estimates of 
Mr. Harris, that of the Reading Coal and Iron Company has not 
done so ; and so far from realizing a profit of thirty cents a ton, 
the reported profit by the coal department upon sales of 3,976,- 
135.03 tons of coal is only $701,153.84, or less than eighteen 
cents, and this should be reduced by charging off from five to 
ten cents a ton, as a fund to provide for new developments. 

Land Department. 

The land agent reports as in his charge, seventy-five different 
bodies of land or estates that, exclusive of the ircn ore 
properties, contain 142,263 acres, of W'hich 77,970 acres are coal 
lands and 64,293 are without coal. 

The area of lands owned by the Fulton Coal Company, the 
Locust Gap Improvement Company, the Preston Coal Land Im- 
provement Company, the Mammoth Vein Coal and Iron Com- 
pany, the Delaware Coal Company, and the Tremont Coal Com- 
pany — ^all companies controlled by the Reading Company — ^he 
reports at 12,801 acres, of which 9709 acres is coal and 3092 
acres is timber land, which makes a total of 155,064 acres in his 
charge, that are owned and controlled by the company. 

Houses. 

He reports that upon the company's estate there are three 
thousand and sixty-eight miners' and other houses, that have 
been kept in ordinary repair ; tliat twenty-eight houses liave been 
taken down during the year as being unfit for occupancy ; and that 
the number of houses has been gradually diminisliing, as no new 
ones have been erected to take the place of those worn out and 
destroyed. The net revenue from these houses, less expenditures 
for repairs, collections, and taxes, was $70,500. 



32 

Ground-Rent Leases. 

He reports eight hundred and eight pieces of land upon the 
estates of the company that have been leased, from which an 
annual rental was derived of $i)133. 

Leased Collieries. 

He reports eighteen leased collieries on lands owned by the 
company, and three on lands of other companies controlled by 
the Reading Company, as follows: 

1. The Sterling Colliei*y, on Shamokin and Bear Valley, and Rock- 
afeller estates, working Mammoth Vein. Leased to William Kcn- 
drick and others. Rental based on royalty, with a minimum 
shipment required of thirty thousand tons per annum. This 
lease will expire January 1st, 18vSG. 

2. Big Mountain Colliery, on Big Mountain estate, working 
Mammoth Vein. Leased to Patterson & Lewellyn. Rental 
based on royalty, with a minimum shiinnent required of thirty 
thousand tons per annum. This lease will expire January 1st, 
188G. 

3. Greenback Colliery, on iirady tract, working Mammoth Vein. 
Leased to IT. J. Toudy. Rental based on royalty, with a mini- 
mum sliipment required of thirty thousand tons per annum. 
This lease will expire January 1st, 1S8G. 

4. Ben Franklin Colliery , on lielfenstein estate, working Lykens 
Valley Veins. Leased to Douty & Baumgarten. Rental 
based on royalty, with a minimum sliipment required of twenty 
thousand tons i)er annum. This lease will expire January 1st, 
1884. 

5. Locnst Gap Colliery, on Locust Summit Improvement Com- 
pany estate, and lands of Locust (lap Improvement Company, 
working Mammoth Vein. Leased to Graeber <fe Shepp. Rental 
based on royalty, with a minimum shipment required of forty 
thousand tons per annum. This lease will expire February Gth, 

1887. 

6. Vaughn S: Jones Colliery, on Ashland estate, working crop 
of Mammoth Vein. Leased to Vaughn & Jones. Rent^il based 
on royalty, with no provision in the lease as to minimum product. 
This lease will expire January 1st, 1882. 



33 

7. Suffolk Colliery, on Philadelphia and Mahanoy Coal Com- 
pany estate, working " Primrose " and other veins. Leased to 
Suffolk Coal Company. Rental based on royalty, with a mini- 
mum shipment required of forty thousand tons per annum. 
This lease will expire January 1st, 1884. 

8. Staffordshire Colliery, on Philadelphia and Mahanoy Coal 
Company estate, working Orchard and Diamond Veins. Leased 
to Jones & Oliver. Rental based on royalty, with no provision 
in the le€ise as to minimum product. This lease will expire April 
1st, 1886. 

9. Webster Colliery, on Kear and Patterson estate, working 
Buck Mountain and Seven Foot Veins. Leased to L. S. Baldwin. 
Rental based on royalty, with a minimum shipment required of 
four thousand tons per annum. This lease will expire July Ist^ 
1884. 

10. North Starr Colliery, on Kear and Patterson estate, working 
Skidmore and Seven Foot Veins. Leased to Reynolds, Roberts & 
Co. Rental based on royalty, with a minimum shipment required 
of fifteen thousand tons per annum. Original lease expired 
January 1st, 1881. The parties are now tenants at will under 
covenant of lease. 

11. West Lehigh Colliery, on Tamaqua estate, working Mam- 
moth Vein. Leased to Wood & Pearce. Rental based on royalty, 
with no provision in the lease as to minimum product. This 
lease will expire January 1st, 1884. 

12. Eagle Colliery, on Lee lands, working Mammoth Vein and 
Skidmore Vein. Leased to Geo. W. Johns & Bro. Rental based 
on royalty, with a minimum shipment required of thirty thousand 
tons per annum. This lease will expire July 19th, 1882. 

13. St. Clair Colliery, on St. Clair tract, working Holmes Vein. 
Leased to Joseph Atkinson. Rental based on royalty, with no 
provision in the lease as to minimum product. This lease will 
expire January 1st, 1882. 

14. Monitor Colliery, on Flowery Field tract, working Holmes 
Vein. Leased to Denning & Bro. Rental based on royalty, with 
a minimum shipment required often thousand tons per annum. 
This lease will expire April 1st, 1882. 

15. Ellsworth Colliery, on Gettle and Wagner tract, working 
Mammoth Vein. Leased to John R. Davis. Rental based on 



34 

royalty, with no provision in the lease as to minimum product. 
This lease will expire May 1st, 1884. 

16. Rausch Greek Colliery^ on Swatara lands, w^orking Mam- 
moth vein. Leased to Miller, Graeff & Co. Rental based on 
royalty, with a minimum shipment required of eighty thousand 
tons per annum. This lease will expire January 1st, 1884. 

17. Lincoln Colliery, on Swatara lands, working Lykens Valley 
Veins. Leased to Levi, Miller & Co. Rental based on royalty, 
with a minimum shipment required of fifty thousand tons per 
annum. This lease will expire January 1st, 1884. 

18. Kalmia Colliery, on Fishing Creek estate and Schuylkill 
and Susquehanna lands, working Lykens Valley Veins. Leased 
to Phillips & Sheafer. Rental based on royalty, with a minimum 
shipment required of one hundred thousand tons per annum 
from Fishing Creek estate, and ten thousand tons per annum 
from Schuylkill and Susquehanna lands. This lease will expire 
January 1st, 1884. The breaker was destroyed by fire on the 
24th of May last. It was rebuilt and put in operation on the 
11th of August, 1881. 

The land agent also reports that there are 

Ox Lands of the Locust Gap Improvement Company, 

1. Monitor Colliery, working Mammoth Vein. Leased to George 
W. Johns & Bro. Rental based on rovaltv, with a minimum 
shipment required of forty thousand tons per annum. This 
lease will expire March 1st, 1880. 

On Lands of the Fulton Coal Company, 

"2. Excelsior Colliery , working Mammoth vein. Leased to Ex- 
celsior Coal Company. Rental based on royalty, with a mini- 
mum shipment required of sixty thousand tons per annum. 
This lease will expire January 1st, 1893. 

3. Enterprise Colliery, working Mammoth vein. Leased to En- 
terprise Coal Company. Rental based on royalty, with a mini- 
mum shipment required of fifty thousand tons per annum. This 
lease will expire December 31st, 1880. 

He reports that the lessees have sub.*^t^ntially fulfilled the 
covenants of their several leases so far as was in their power. 



35 

That the restriction in mining, over which tenants have no 
control, prevents the enforcement of covenants with reference 
to the minimum quantity mined. 

Blast Furnaces. 

The furnaces and rolling mills in charge of the Land De- 
partment, are reported as follows : — 

1. The Kutztovm Furnace^ located at Kutztown, in Berks county. 
It is substantially built with all necessary appliances, and capable 
of producing one hundred and sixty tons of pig iron per week. 
It is leased until June 2d, 1884, to William Kaufman and Henry 
S. Eckeriy and has been in blast continuously during the year. 

2. The Ead Pennsylvania Fumades are located at Lyons Station, 
Berks county. These are two furnaces, substantially built and 
favorably located for securing ores and labor, with producing 
capacity of two hundred and eighty tons of pig iron per week, 
one hundred and forty tons each. They were originally leased 
to Theodore Garretson, but by reason of his financial embarrass- 
ment they passed into the hands of this company on the 17th of 
March, 1881. They are now in charge of a day and night 
watchman. 

3. The Bechtdsville Furnace is located at Bechtelsville, Berks 
county. It is well constructed, with capacity of 180 tons per 
week. This furnace was leased on a royalty December 8th, 1879, 
to the Pottstown Iron Company, for five years. It was blown out 
on the 30th of July, 1881, and has since remained idle. 

4. The Ringgold Furnace is located at Ringgold, Schuylkill 
county. It is well constructed, with capacity of 200 tons per 
week. This furnace was leased March 15th, 1881, to Messrs. 
William M. Kaufman & Co. for five years, on a royalty. It was 
put in blast on May 31st, 1881, and continued to run until it 
was blown out on the 18th of September, 1881, for repairs, and 
was again blown in on the 18th of November, 1881, and is now 
working well. 

5. The Port Carbon Furnace is located at Port Carbon, Schuyl- 
kill county. It is substantially built, and with slight repairs will 
be in condition to go in blast and produce in the neighborhood 
of three hundred tons of pig iron per month. It is now in charge 
of a day and night watchman. 



36 

6. The Emaua Furnace is located near the town of Emaus, Le- 
high county. It is well constructed, and is provided with the dif- 
ferent appliances for large production, with capacity of three hun- 
dred and twenty-five tons per week. This property was leased 

•March 6th, 1880, to John Donaldson, George Ormrod, and H. H. 
Fisher, for ten years, on a royalty. The company own forty- 
three acres of land in connection with this furnace, upon which 
there is said to be a valuable bed of iron ore. The furnace was 
put in blast on the 12th of September, 1881, and is now working 
well. 

7. The Swede Furnaces are located at Swedeland, fifteen miles 
from Philadelphia. They are at present in a dismantled condi- 
tion, and will require the expenditure of a large sum of money 
to complete them as originally intended. The property is in 
charge of a day and night watchman. 

8. J%e St. Clair Furnace is located at St. Clair, Schuylkill 
coimty. It is in a dismantled condition, and will require a large 
expenditure to put it in a condition for work. It is in charge of 
a day and night watchman. 

9. The Big Pond Fimacc is located in Southampton town- 
ship, Cumberland county. This is a charcoal furnace, and 
when in order is capable of producing fifty tons of pig metal i)er 
week. The stock house, charcoal houses, and engine house, were 
destroyed by fire on the 21st of May, 1880. Nothing has been 
done to repair the damages. It will cost about $3000 to repair 
it. The property is in charge of a day and night watchman. 

10. The Minersville Furnace is located at Minersville, Schuyl- 
kill county. It is substantially built, and provided with appli- 
ances for the manufacture of iron. The title to this furnace is 
in Jacob S. Lawrence, in trust for certain bondholders, among 
whom is the Reading Coal and Iron Company. The company's 
interest is three-tenths of the whole. A lease was made by Mr. 
Lawrence to George H. Snyder, January 26th, 1880, for five years 
from January 1st, 1880 ; and the Reading Company advanced 
the money to put the furnace in working order, which was to be 
reimbursed out of the iron made at the furnace. The furnace 
is in possession of the company, in charge of a watchman. The 
lessee is willing to assign the lease to the company. The loca- 



37 

tion of the furnace is unfortunate as to ores and limestone, and 
it is difficult to get any one to take the lease. 

Iron Mills. 

1. The Reading Iron Mill is at Reading, Pa. This is a rail 
mill and has been operated by the company. It has been 
worked continuously during the year and its balance-sheet shows 
a profit on the year's business, of $81,250.04. 

2. The Hamburg Rolling Mill is at Hamburg, Pa. It has 
been leased for five years from November 1st, 1881, at a rental 
of $3000 per annum, the company paying taxes and insurance. 

3. The FvUon Rolling MUX is at Norristown, Pa. It is 
under a lease which will expire in February, 1882, and nego- 
tiations are pending for its sale. 

4. The Port Carbon Mill is at Port Carbon. It was leased 
the 29th of October, 1879, to Messrs. Atkins Bros, for one 
year from December 1st, 1879, with privilege of a second year, at 
a royalty for all the iron manufactured. The lease expired De- 
cember 1st, 1881, and has been extended for another year. 

Iron Ore Lands and Mining Properties. 

The company own the following iron ore lands : 

Big Pond Trad, Cumberland county. Pa. (Fee) 300 acres, 

with 5346 acres additional of timber lands. 

?uJtna,m County Ore Lands, New York State (Fee) 2,200 " 

with 500 acres additional of timber lands. 
Virginia Lands. — In Nelson and Albemarle counties, Va. : 

Mosby Harris Tract (Fee) 662 

Watson Estate (Fee) 98 

Boyd Estate (Fee) 1,042 

Warwick Estate (Fee) 1,653 



Total owned 5,955 

and it has also leased — 

SeashoUzville Lands, Berks county (Lease ten years 

from 1 872, with privilege of renewal) 40 acres. 

Boiling Springs Lands, Cumberland county. Pa. (Per- 
petual lease) 9,051 " 

Total owned and leased 15,046 " 

of coal lands, and 5846 acres of timber lands. 



38 

Workable Ore Mines. 

Beltzhover and Egge Mines, on Boiling Spring Lands, Cum- 
berland county Pa. 

Seasholtzville Mines, Berks county, Pa. 
Big Pond Mine, Cumberland county, Pa. 
Cold Spring Mine, Putnam county. New York. 

These properties have been idle during the year with the ex- 
ception of the Cumberland Ore Banks, which have been worked 
156J days. The number of tons of ore mined during the twelve 
months was 11,361 tons, that cost at shipping point, less royalty, 
^f24,257^fl/^, which was at the rate of $2^^ per ton. The market 
value of this ore was $1.68 per ton at the mines. 

The cost of this iron ore property, including cosf of improve- 
ments, was $859,769. 

Schuylkill Canal. 

Operated by Railroad Company under Lease. 

The Schuylkill Canal embraces 60^^ miles of canal and 47^^ 
miles of slack water navigation, on which are 31 dams, 71 locks, 
12 aqueducts, 22 culverts, 121 road and farm bridges, with other 
structures in the form of guard walls, waste wiers, towing-path 
and river bridges, sluice-ways, feeders, drainage trunks, and 
guard and stock gates ; also three large storage reservoirs for 
supplying the canal, and extensive docks and landings for the 
shipment of coal. During the year the company transported 
685,134 tons (2240 lbs.) of freight, against 630,416 tons the year 
previous. 

1881. 1880. 

The receipts of the canal were $568,990 36 $573,133 07 

The expenses were 169,137 76 169,952 22 

»Profit $399,852 60 $403,180 85 

The rental payments under the lease are 635,776 56 635,776 56 

Net loss to Railroad Company $235,923 90 $232,595 71 

The average movement cost per ton of 2000 lbs. was .24.7 .24 

The Superintendent reports the canal in first-class condition 
for all the purposes of navigation ; and that the only entirely new 

* The figures for November, 1881, estimated. 



39 

work needed, and not already provided for, is an additional 
storage reservoir in the Tumbling Run Valley, which will re- 
quire an expenditure estimated at $30,000. 

Schuylkill Canal Transportation Line. 

The annual statement shows that the number of barges belong- 
ing to the company at the close of the year were 328 

The number of mules belonging to the company were 332 

During the year there was moved by the line-barges 435,871 
tons of freight against 380,745 tons the year previous. 

1881. 1880. 

The receipts of the line were $268,378 53 $244,850 11 

The expenses of the line were 256,188 49 211,485 35 

♦Profit $12,190 04 $33,364 76 

The Superintendent reports that additional dry docks should 
be constructed at Schuylkill Haven to furnish necessary facilities 
for repairing boats, the estimated cost of which will be ^2500. 

The Susquehanna Canal. 

Operated by Railroad Company under Lease, 
The Susquehanna Canal embraces 43 miles of canal, and 2 
miles of slackwater navigation, on which are 4 dams, 29 lift locks, 
13 guard and stock locks, 18 road and farm bridges, 5 culverts, 
6 aqueducts, and other minor structures. 

During the year there was moved on the canal 321,624 tons of 
2000 pounds, against 362,294 tons the year previous. 

1881. 1880. 

The receipts of the canal were $58,890 24 $55,260 55 

The expenses were 45,544 22 35,979 40 

tProfit $13,346 02 $19,281 15 

The rental payments under the lease are 243,488 64 $243,488 64 

Net loss to Railroad Company $230,142 62 224,207 59 

The average movement cost per ton of 2000 i)ounds was .14.2 .09.9 

The Superintendent reports that the canal is greatly improved 
and strengthened since it came into the hands of this company, 
and that it is in a good state of repair as regards all mechanical 

* HoTK.— Xorember, 1881, estimated. f The flRures for Novemlwr, 1881, estimated. 



40 

structures, except the inlet and guard lock at Wrightsville, and 
a few of the small works, the renewal of which is not pressing. 

The Superintendent also reports in respect to both the Schuyl- 
kill and Susquehanna canals, that " the repairs and maintenance 
of this company has at all times been fully up to every require- 
ment of safe navigation. Materials and labor have been supplied 
as fast as needed to secure the integrity of everj'^ mechanical 
structure, and wlienever an opportunity offered in rebuilding, 
such works have been made of a more permanent character." 
His estimate for extraordinary expenditures required for the 
Schuylkill Canal for the years 1881-2 ; for work on the new dam 
and feeders of Flat Rock, including unexpended balance of appro- 
priation for 1881 is $20,000 ; and for the Susquehanna Canal he 
reports that no extraordinary expenditures will be required. 

Steam Colliers. 

The Company own a fleet of 13 steamers, having a regis- 
tered tonnage of 12,367.70 tons, with carrying capacity of 15,600 
tons. One steamer, the " Leopard," was lost in June, 1878, and 
has not been replaced. These 13 vessels have made during 
the year 460 voyages, transporting 550,198 tons of freight, 
against 557,885 tons last year, the number of miles run being 
431,500. 

1881. 1880. 

The total rcceipte for the year wore K)(i(),910 32 $607,646 64 

The expcnaes were :W1,921) 87 384,057 32 

*Profit ^284,980 45 $22:5,589 32 

The average rate received per ton on coal was $1.20, against 
$1.04 for the year previous. 

The Superintendent report.s that an additional vessel of the 
capacity of the lost steamer " Leopard," and with a compound 
engine, should be built to meet increasing demands, and that the 
probable cost of such a vessel will be about $125,000. 

He reports the fleet in an efficient condition to meet the win- 
ter's business ; but that in the spring, in addition to the annual 
overhauling, extraonlinary repairs will be required, the estimated 
cost of which will be $106,200. 

* TliG figures for tho month of Noveinl)cr, 1S81, arc estimated. 



41 



Richmond Coal Barges. 

1881. 1880. 

Receipts $80,544 63 $100,626 77 

Expenses, 77,833 99 98,182 62 

Profit, $2,710 64 $2,444 15 



Financial Condition. 

The more important financial changes arising from the work- 
ing of the properties, and in the financial condition of the 
Railroad and Coal and Iron Companies, are shown by the fol- 
lowing joint balance-sheet of November 30th, 1881 : — 






42 



OOMPABATIVE JOINT BALANOE-S: 

November 30th, 1881. 
Philadelphia and Beading Railroad Co., P. and R. Ooal and Iron 

Co., and Receivers. 

Dr. 



Not. 30, 1881.; Not. 30, 1880. Increase. 



r 



ConitracUoB and Equipment RaUroad Co. $15,308,742 06 944,261,476 54- 91,047,265 52.' 



Coct of Property, Improrements and! I 

Eqtdpment Cbal and Iron Co ^ 54,485,165 93 54,796,125 63! 



8,042,762 12 



Baal estate. Railroad Co 

" Coal and Iron Co ». ^..i 1,345,328 44 

Stocks and bonds, Railroad Co 8,880,635 50' 



«« 



«( 



cc 



Coal and Iron Co 

AdTanced to Branch Roads Railroad Co.... 
•• " Operators " " 

** *' Coal C<»B. Coal and Iron Co... 

Cash, Railroad Co 

Coal and Iron Co 



«« 



Paid to Receivers, on account of Deferred 
Income Bond Subscriptions, Railroad Co. 



5,244.855 69 
2,452,480 68 

710,441 40 
1,451,674 55 

677,127 17 
16,046 26 

1,867,687 65 



7,910,200 56 
1,365,908 89 
8,961,050 56 
4,839.855 69 
2,535,335 52 

710,351 89 
1,302,638 00 

467,236 85 
85,247 73 



132,561 66 



Bills and current accounts receivable, 
RaUroad Co 1,558,850 62 

Bills and current accounts receivable, 
Coal and Iron Co 1,265,247 74 

Material and supplies, Railroad Co 1,186,6j8 15 



<* 



It 



Coal and Iron Co... 

Cool on hand. Coal and Iron Co~ 

Iron ore on hand. Coal and Iron Co 

Coupons and interest purchased, R. R. Co. 

Funded coupons not matured. Railroad Co. 

Funded coupons not matured. Coal and 
Iron Co 



290,583 49 
582,429 45 
;i,135 50 
774.220 00 
469.953 50 



57.015 00 

Profit and loss, Railroad Co 4.214.239 63 

Coal and Iron Co. 8,217,345 49 



<t 



Charm to Coal and Iran Co. on Railroad 

Co. S books.. •W.STO.TT? Si 



1,288,576 42 

1,175,107 97 

1,027,000 11 

&'>4,991 05 

769,009 75 

9,565 5U 

241,860 75 

1.381.896 00 

170,205 00. 
4,356.828 28 
8,258,012 9^ 

•M.SM.S47 1« 



405,000 go; 

89 61. 
149,036 65j 
209;890 82' 

I 
I 

1,867.687 65! 

270,274 20" 

90,139 77 
159,658 04 



532,859 25 



9360,950 70 

20^45 
80,415 06 

82,854 84 



69,201 47 



264,407 56 

186,580 30 

6.430 00 

911,942 50 

113,190 00 

142,588 65 

40,667 49 



9149,052,626 02 |146,46T,l»ji1 17 94,864,462 87 92,279,818 02 



* These figures are n<H included in the additions, for the reason that the amount appears on the 
Railroad Companr's books as a charge for money ailvanivd and on the Coal and Iron Company's 
books as a credit for money received, and bringing the two lialsnce-sheets together it would natur- 
al! j disappear, but it is retained in present form to show the actual cash advances of the Railnrni 
Company for account of the Coal andf Iron Compsnv. 



43 
Cr. 





Not. 30, iSSl. 


NOT. 30, 1880. 


IncnMO. 1 Decnue. 




*W,S83,17S Ml t»M7B.I75 28 


tlOS/MOOO 




Bonded debt, BallrodCo. „ 


nfiil^ «! 


77,702.722 04 




|18I,SBJST 
180,033 N 


noMlDidebt.Kellco.dCa 


8,RCi,iai n 


B,08I3H84 




268,730 n 














1,502,211 SS 


1,602,211 68 








2,01».«99 <1 








ln«nrflDle««.aE.Co 


1,»M.«»*1 


824,830 00 










tSiJM9 
















2,1»0JS1*M 


2,0»«,083«3 


2S8.430U 




CoH uid Iran C«,. 


736.612 77 


739,018 0! 


1.M8 75 










i.asMwu 




luumBa taaiM, RMIroed Co _..,...... 


*88,s:sM 


*21,801IOT 


«^„ 






100,152 43 


20I),US98 










CndlU to Rellroed Compnuy ou Coil aud 
Ins CnnpMif 1 booU. 


!llB,05a,62C02 


^«,«7U 




•ttM»- 




tl46,467,Ml 17 


*a,«»T.i*i 8» 


»1,112,«6 M 


fy-ilT-J cat of Leend I'lopcnlei 


33,I6«,1SS ST 








BchirUtlll MeTlgBtlon CorDp.ny _ 


S.,995,657 00 
B, 101, OK 08 
6.161,860 00 








CMfbM Btllroed ^ ^ 








'iS^x.r.:^'*'' -"^'^'^ 




A«d*arl>ued nadi end Coalandlion 


6,981.«0 00 













It will be noticed that Profit and Loss account is unusually 
large ; this occurs from writing off a number of items from the 
general ledger balances that do not represent value, as follows r — 



44 
Profit and Loss Account, 

November 30<7i, 1881, PhUaddphia and Reading Railroad Company 

and Coal and Iron Company, 



Philadelphia and Reading Railroad Company. 

Debit balance income account, November 30th, 1881 

Sdinylkill Navigation Company's works and franchises... 
Discount, commissions and expenses — gcn'l mortgage loan. 

Sundry bad accounts 

Stocks and bonds not valuable 

Loss on P. A R. R. R. Co. stock— coal less par value 



Phila. and Reading Coal and Iron Company. 



$2,470,661 76 

1,000,000 00 

500,000 00 

91,763 67 

20,000 00 

131,824 20 



Debit balance income account, November 30th, 1881 $7 

Windmill Island Ferry Co. stocks and bonds, not valuable. 

Bonds and mortgages not valuable 

Endowment miners' beneficial fund 

Coal agents — bad account 

Sundry consignment accounts not valuable 

SundiT coal and rent bills not valuable 

M. A M., rails sold and advances — bad account 

Sundry accounts due the company not valuable 



,509,304 38 

44,836 16 

6,556 67 

20,000 00 

87,026 80 

33,383 03 

34,297 28 

337,142 06 

144,800 11 



$4,214,239 63 



8,217,345 49 
$12,431,585 12 



In the statement of August lOtli, 1881, the aggregate of items 
then placed in i)rofit and loss account was $15,426,030.41, the 
difference between that statement and the present, is in interest 
and other items written oflF against revenue. 

No attempt has been made to write off the diflFerence between 
original cost, and the actual value now, of the stocks and 
bonds owned by the two corporations, nor of the loans and ad- 
vances made to corporations, and to individuals, that are carried 
on the books as assets at their original cost. These properties 
should be carefully examined, separately, by experts, and their 
present value ascertained, and the difference between original 
cost and such appraised valuation should be written off into 
profit and loss account. It is misleading to retain as an asset on 
the company\s books, property at an assumed value, which it is 
evident is greatly in excess of real value. 



45 

The following table shows the earnings and expenses, the fixed 
charges for interest, rentals and sinking funds, and yearly profit 
and loss of the Railroad and Coal and Iron Companies from 
1871 to 1881, both inclusive. 



Result of BtLsiness of the Philadelphia and Reading Railroad and 

Coal and Iron Companies, 



Year ^'^*" 

'''^^ Rerenue 

i 

U71 $15^12,691 

1872 « 15,575,104 

1873. 28,4»4/>05 

1874 26,1M,687 

I 

1875 « 24,088,932 

1878 ! 26,392,586 

1877 „J 24,508,824 

1878 ' 22,022,419 

1879 j 26,937,886 

IWO 82,177,008 

1881 ^: 35,286,463 

I ■ 
ToUl...:«272,110,606 



Operating 

Expenses 

and Rentals. 



84 110,665,542 21 

80 12,063.874 51 

59 18,987,601 93 

77 20,822,201 13 

42. 19.989,430 09 

75 23,539,039 91 

86| 20,75d,403 99 

51 18.428,092 14 

24i 28,493.880 25 

41 26,682,024 52 

31 28,598,114 54 



Net 

Reyenue. 



Interest 
and Sinking 
• Funds. 



Dividend 
Fund. 



DiTidenda 
paid. 



r 



^,847,149 68 
8,491,229 79 
4,506,903 66 
5,842,486 64 1 
4,049,502 83' 
2,853,546 84 
3,749,920 87; 

3,594,327 37 

I 

3,444,005 99 1 
5,494,978 89 
6,688,348 77 



$1,720,138 75 
2,953,678 98^ 
8,898,206 16| 
5,477,056 45. 
5,863,918 01 
5,892,792 93, 
6,392,407 loj 
7,012,442 31 
7,052,760 56 
7,542,073 06J 
7,466,092 63' 



00 1223.548,205 22 $48,562,400 78 161,266,566 94 



$3,127,010 88; 
587,550 81 
613,697 50 

865,430 19 

Deficit, 
1314,415 68 

Deficit, ' 
8,039,246 09 

Deficit, I 
2,642,486 28 

Deficit, 
8,418,114 94 

Deficit, I 
3,608.754 57 1 

Deficit, . 
2,047,094 17 

Deficit, ; 

777,743 86 

Deficit, 
112,704,166 16 



98,410,631 49 
8,598,891 40 
8,598,884 15 
8,701,601 60 
8,736,255 68 
None. 



<t 



<• 



(i 



$18,040,264 82 



In the foregoing statement the figures furnished by the 
Receivers have been assumed as correct, adding only the amount 
of the sinking funds of the Railroad Company, which makes a 
deficit for the year of $777,743.86. 

On page 9 it is shown that the real deficit was .$2,007,628 38 

To which amount should he added the expenditures of the Coal 

and Iron Company chargeable to cost of property during 1881... 44,040 30 
And real estate that has been purchased by the Railroad Company 

less sales by the Coal and Iron Company ? 111,981 11 

Total $2,163,649 79 



These figures show that the current charges and expenditures 
for the year 1881 have been in excess of revenue $2,163,049.70. 



46 



Floating and Current Indebtedness. Both Companies. 



Floating debt, Railroad Company 

Floating debt, Coal and Iron Company 

Receivers* certificates 

Arrears of interest* 

Arrears of rentals 



Not. 30, 1881. 



$8,823,124.33 

859,169.10 

2,386,457.64 

3,060,596.91 

1,098,605.32 



Not. 30,1880. I Not. 80, 1879. 



$9,081,854.84 $7,550,079.54 



Current indebtedness 3,027,127.a5 



1,103,373.99 
2,565,308.50 
1,747,416.91 
1,009,101,59 
2,7(}9,1 29.85 



t $19,255,080.35 $18,276,185.68 $13,300,184.12 



1,507,830.07 

833,120^ 

717,947,37 

2,691,206.19 



About $10,000,000 of the floating indebtedness of the company 
was, under the former management, secured by a pledge of 
$5,480,000 general mortgage, and $6,976,000 income mortgage 
bonds of the company, and $8,000,000 of Coal and Iron Com- 
pany capital stock, with other stocks and bonds owned by the 
two companies, including those by which twenty-one affiliated 
corporations of the Railroad and Coal and Iron Companies are 
controlled. The permanent control of these tributary corpora- 
tions is vital to the Raih'oad Company, and it is of primary 
importance, tliat this indebtedness shall be provided for, in such 
manner as to protect these hypothecated securities from ever 
again being placed in a position where they are liable to be sold 
separately, to satisfy notes and indebtedness for which they may 
be pledged as collat(^ral. In order to secure this, an application 
has been made to the court, for the company to issue floating 
indebtedness certificates to the extent of $10,000,000— the Re- 
ceivers to endorse on the certificates, an obligation to pay, from 
current revenue in excess of what shall be required for interest 
on liens i)rior to the general mortgage bonds, any diflference 
necessary to make good current interest on the certificates, in 
Ciise the dividends and interest that shall be collected upon the 



* NoTF.— Interest Iiom l»ceii paid on bonds that underlie the general inortf[agc. On the general 
mortgage IwndA, it hiu* l>ecn paid up to January, 1A81 ; the coupons for July^ 1881, and January, 18ft2, 
being in default. No intermit is iKiid on junior obligations. The amount 6t tliese arrears of Interest 
diflbrs from Keccivers' ytutement on page 111 liy Sl'TTfOOlMG. They iiave api»areutly deducted con- 

Sons and interest purchased cohting $774,220 (page 42), the par value of which about equals this 
iflference. The ReceiverH omit altogfthcr from their statement, arrears of rentals $1,098,605 32, and 
current indebtedness S:i,u27,127.ur). 

fNOTK.— In this statement, the amount duo the sinking fiindo, $109,364.45, due in 187S, on Con- 
solidated Mortgage I^oan, SlH6,070.4.'i on lA>an is:vi-1882, $228,000, due Noveml>er, 1880, on Schuylkill 
Navigation Comi>any Improvement I^oan, and $961,000, on Philadelphia and Reading Railroad Com- 
pany Ixmns for 18^1, in all $1,.V>4, 134.90 is not includt^l. It is, however, an obliKation that most bt 
provided for under any plan of reconstruction, the same a.s any other indebtedness. 



47 

collaterals, shall not be sufficient to provide for such interest 
promptly as it matures. 

By this arrangement, these collaterals will be brought together 
and held by the Philadelphia Trust, Safe Deposit and Insurance 
Company, as trustee, thus avoiding the dangers of disintegra- 
tion from forced sales by individual holders of the company's 
indebtedness, in case of a money stringency, or a disposition on 
the part of creditors to enforce their lien. 

This proposed arrangement of the Receivers, when carried out, 
will be of very great benefit to the company, and the Managers 
have cordially joined with them in taking such action as was 
necessary to carry it into practical effect. 

Requirements for 1882. 

In addition to current expenditures for operation, and the 
fixed charges for interest, rentals, sinking funds, &c., it will be 
necessary to provide during the current year. 

For General mortgage scrip due July, 1882 $1,748,100 00 

" Perkiomen scrip due July, 1882 100,890 00 

" Debenture guarantee and fractional scrip due July, 1882 3,310,569 00 

** Seven per cent, loan, 183&-1882 134,400 00 

*' Greneral managers' estimate for equipment 1,668,100 00 

^ " " " " structures 161,000 00 

" Steam colliers 231,200 00 

** Canal improvements 22,500 00 

" Chief engineer's estimate for extraordinary expenditures 

on roadway, new stations and other structures 919,795 75 

" Mining engineer's estimate of expenditures, including propor- 
tion of $795,000 necessary to increase coal output 25 per cent. 669,000 00 

Total $8,965,554 76 

These requirements are additional to what will be needed for 
the floating debt, Receivers' obligations, and arrearages of inter- 
asX and rentals. 

The Last Annual Election. 

The charter of the Company provides that — 

" The stockholders shall meet on the second Monday of January in every 
year, at tuch places as may be fixed upon by the by-lauSf of which notice shall 
be given at least twenty days previous by the Secretary in the newspapers be- 
fore mentioned, and choose by the majority of votes present officers for the en- 
wing year." 



i 



48 
The by-laws provide that : — 

" The meetings of the Company shall be held at the Company's office in 
Philadelphia, unless specially convened elsewhere by the Board of Managers^ 

In case an election shall not be held on such day, the charter 
further provides that — 

*' It shall be lawful to hold and make such election of President, Managers, 
Secretary', and Treasurer, or other officers, on any day thereafter, by giving ai 
least ten days* notice, signed by the President or Secretary, in the newspapers 
before mentioned, of the time and place of holding the said election." 

The last election should therefore have been held on Januarv 
10th, 1881, and by direction of the then President, the Secretary 
of the Company issued a notice in the usual manner and form, 
that it would be so held at Musical Fund Hall, in the city of 
Philadelphia. The Board of Managers, however, omitted, as in 
a preceding year they had also omitted, to take the formal action 
required by the by-laws, fixing the place of such election meet- 
ing at Musical Fund Hall, instead of at the office of the Com- 
pany, and when in this instance their attention was called 
to the omission, they refused to confirm the action of the Sec- 
retarj^ but directed him to withdraw the notice he had pub- 
lished, and they declined to take any other action in the matter, 
until after the election day fixed by the charter, should have passed. 
No election was therefore held on the charter day, and it 
was not until the twenty-ninth day of January, 1881, and after 
an application for a mandamus, that the Board of Managers 
did take the necessary action. They then directed the Secretary 
of the company to give six weeks' notice, instead of t^n days, as 
provided in the charter, designating the fourteenth day of March, 
1881, as the election day, which was sixty days later than it 
should have been held under the requirements of the charter. 

The election was held on March 14th, under the supervision 
of George M. Dallas, Esq., who had been appointed by the 
Court of Common Pleas No. 2, as Master and chairman to 
preside at the meeting. Although it was under such super- 
vision of the court, an abortive attempt was made to prevent 
stockholders from taking part in it, by what was apparently 
an official notice conspicuously posted in the hall, and at the 
entrance to the building, in the following words : 



49 
"Notice to Shareholders. 

** I earnestly advise all shareholders to withdraw from the meeting to-day, 
"for reasons named in my circular of March 12th, copies of which can be had 
" at the door. 

" Franklin B. Gowxn, 
" March 14th, 1881. " Presidentr 

Notwithstanding this extraordinary action, the election * 
meeting was held, and a larger number of shares was found to 
be represented in person and by proxy, than had ever 
before been recorded as present at an election or annual meeting 
of the company. On closing the polls, and canvassing the 
votes cast, the present officers of the company were declared 
duly elected, and the Master so reported to the court, when, 
after argument before Judges Hare, Mitchell, and Fell, an 
opinion was delivered by the court confirming the valid- 
ity of the election, and directing the Master to give formal 
certification to the persons who had been so chosen presi- 
dent and managers of the company. This decision was, how- 
ever, appealed from by the former management, and it was, 
not until the second of Juile, that a final decision was made by 
the Supreme Court of the State of Pennsylvania, confirming the 
unanimous decision of the Court of Common Pleas, as to the valid- 
ity of the election of the present officers ; when the retired officers, 
after holding over for nearly five months, finally acknowledged the 
newly elected president and managers of the Philadelphia and 
Reading Railroad Company. They still continue, however, to 
hold the positions, to which, after their term of office had expired, 
they had re-elected themselves or their nominees, as officers in the 
Coal and Iron Company, and in twenty-one other affiliated corpor- 
ations owned and controlled by the Philadelphia and Reading 
Railroad Company, and the Coal and Iron Company, positions 
that the officers of the Railroad Company were properly entitled 
to fill. 

This delay in calling the election meeting, the tardy recogni- 
tion by the retired management of the newly-elected officers, 
and their control of its affiliated corporations, embarrassed and 
delayed the investigations necessary to enable the new mana- 
gers to properly understand the financial needs and requirements 
of the company, the condition of its various properties, and their 



50 

revenue-producing capacity, and it was not until August, that 
sufficient information was finally obtained to enable them to 
know the condition of the company, to comprehend the nego- 
tiations connected with the i)roposod issue of Deferred Income 
bonds and Consolidated Mortgage bonds that had been under- 
taken by the retired officers, and to formulate a plan based on 
•their own investigations, such as would in their opinion result in 
permanently relieving the company from embarrassment. 

Deferred Income Bonds and Consols. 

In their endeavor to ascertain the exact status of the Deferred 
Income bond and Consolidated Mortgage bond negotiations, the 
managers were unable to find in the general office of the 
company in Philadelphia, any original records or authen- 
ticated copies of records relating to them, or any correspond- 
ence or copies of correspondence by mail or cable, between 
the Managers of the company in Philadelphia and the pro- 
moters of the scheme in London, where the negotiations were 
principally carried on, and it took considerable time to obtain 
from London the exact facts in relation to 8uch negotiations. 

Meanwhile, in a suit brought in the Circuit Court of the United 
States to test the legality of the proposed issue of bonds, a unani- 
mous decision was rendered in the month of Ai)ril, declaring tlie 
issue of bonds described in the prospectus, to be illegal and 
beyond the powers of the company ; and an injunction order was 
issued restraining the officers — 

"From doin^r any act towards carryinjr out \hv. plan sot fc»rth and descril>ed 
in the hill ♦ * * known as the l>eferred Imrcuno Bond plan." 

And thev wore further — 

ft 

" Enjoined from executing a m<»rtgaj:euj>on tlioi)roporty of the Comj>any for 
$150,000,000, iw mentioned in the hill, and from issuing any honds or oblijm- 
tions secured by such mortgajro upon the j>roi)crty of the Company." 

That they were illegal was a sufficient, but not the only ob- 
jection, to the issue of deferred income bonds in the form pro- 
posed. The obligation {)rovides that holders 

"Are entitled to interest up to 6 per rent, only after a dividend of fi |)er 
cent, in each year shall have been j»aid <»n the common shart^s of the said Com- 
pany, and thereafter the right of this issue of Deferred Income bonds to further 
interest shall rank pari passu with the <le<laration of further dividends upon 
the common shares." 



51 

This language does not limit interest on the deferred bonds 
to be paid only frovi net revenue remaining aft^r dividends of 6 
per cent, shall be earned and paid on the share capital, and 
it would seem to imply that interest — which is cumulative 
unless specifically restricted in the obligation — shall accrue 
on the deferred bonds, when and as dividends shall be paid 
on the common shares; that is, when the company shall earn 
and pay 6 per cent, on the common shares, 6 per cent, on 
$34,300,000 of Deferred Income bonds would at once become due, 
whether earned or not, and the amount, $2,058,000, would be an 
adjusted debt that could be enforced by suit against the corpo- 
ration. 

Another objection is, that the holders of these deferred bonds» 
would, undoubtedly, be in constant conflict with the management, 
in their endeavor to prevent proper and necessary expenditures 
upon the property from current net revenue, as they would con- 
sider such expenditures, in conflict with their int^irests ; and vexa- 
tious litigation would undoubtedly follow, if a conservative man- 
agement should adopt the well -recognized conservative policy, 
of charging against revenue, all betterment and improvement 
expenditures, as a part of the cost of operation and maintenance. 

It is also a very serious question, whether the Managers of the 
company are authorized to dispose of such unsecured obligations 
at a discount. By an act of the legislature approved the eighteenth 
day of February, 1871, there is special authority given the com- 
pany to sell its obligations secured by mortgagCy at less than their face 
value, but there is no statute authorizing a simple note or other 
obligation to be sold at a discount. It will hardly be claimed, 
that the officers of the company would bo justified in selling a 
simple note, payable in one, two, or three years at 70 per cent, 
discount from its face value, and in the absence of direct author- 
ization, the same general rule should apply to all similar unse- 
cured notes or obligations, whether made payable in two months, 
two years, or two hundred years. 

The $10,290,000 of money to be derived from the sale of 
$34,300,000 of deferred income bonds, treating it in the nature of 
a gift, would save the company but current ( say 4J per cent.) 
interest, or $463,050 per annum, as bonds could be issued and 
sold under the proposed general consolidated mortgage at par, to 



52 

realize this sum of money ; and for this comparatively small sav- 
ing of less than 5 per cent, of the present fixed charges, the 
stockholders are asked to issue $34,300,000 of direct obligations, 
that, in case of financial disaster to the company, would take 
precedence of their shares. 

The late management were desirous that the new board should 
consummate the arrangements alleged to have been made with 
reference to this issue of Deferred Income and Consolidated Mort- 
gage bonds, and a formal application was made to them to 
change the form of the proposed obligations, by making them 
payable one hundred or two hundred years from date, to over- 
come one of the objections — that as to their illegality. This 
action your board, after mature reflection, declined to take, for 
the reasons — 

First — That the manner in which the bonds were brought out, 
less than a week before the regular charter day for holding the 
annual election, in known opposition to a large shareholding 
interest, because of their doubtful legality, as well as on grounds 
of expediency, deprived the original subscribers, who had full 
notice of this opposition, of any special claims based on equity. 

Second, — That while in theory the subscriptions for the de- 
ferred bonds were confined to sharelioldcrs and bondholders 
of the company, an examination of the subscription lists showed 
that this was not so except to a very limited extent, and 
that misleading statements had been made in respect to 
the subscriptions. The names of fifteen hundred and eighty- 
one (1581) foreign shareholders were reported as holding 
three hundred and nine thousand eight hundred and seventy- 
six (309,876) shares of stock of the company, and subscriptions 
were accepted from them to the extent of $15,493,800, the par 
value of shares so claimed. The names of one thousand two 
hundred and twenty-six (122()) of these alleged subscribers, with 
alleged holding of two hundred and fifty-nine thousand two hun- 
dred and thirty-nine (259,239) shares, did not appear at all as stock- 
holders on the books of the company. The remaining three hun- 
dred and fifty-nine (359) names did appear on the registry with 
apparent holdings of but fifty-one thousand and ninety (51,090) 
shares. In explanation, it will doubtless be claimed that bona 
fide owners of shares had a right to subscribe, although their 



53 

shares were not registered in their own names. This is true, 
but by the terms of the prospectus, all such should have pre- 
sented their certificates for verification. That this was not done, 
is evidenced by the fact, that, adding to the 309,876 shares the 
subscribers claimed to own, the shares owned by persons known 
not to have subscribed, will produce as the result nearly 100,000 
shares more than all the shares held in Europe. 

So on the bondholders list. The Anglo-French Union Bank 
Limited, appeared as an original subscrij^r for $10,000,000, but 
there was no pretence that it had any interest in other bonds of 
the company ; and three individual subscriptions for half a mil- 
lion each were made by persons who did not claim to be bond- 
holders; while James McHenry, who subscribed for $10,000,- 
000, made his subscription as a bondholder to the extent of 
but £5000, and Franklin B. Gowen of Philadelphia subscribed for 
$5,000,000, on account of an alleged holding of £3200 of bonds, 
and D. G. Bruce-Gardyne made a subscription for $300,000 
upon an alleged holding of but £200 of bonds of the company. 
The footings of the bondholders' list of original subscribers for 
$50,224,010 of deferred bonds, show they were based on alleged 
holdings of but £1,266,573 of other Philadelphia and Reading 
Railroad Company obligations. 

These figures furnish unmistakable evidence that the real 
parties in interest, the share and bond holders of the Philadel- 
phia and Reading Railroad Company, have but a small direct 
interest as subscribers to the Deferred Income bonds. 

Third. — The Board of Managers felt, that if the form of the 
obligation should be changed in manner suggested, by making 
them payable at some specified time, they would be offering a 
much more valuable bond than that described in the prospectus 
and exhibited when subscriptions were made, and one that would 
necessarily take precedence of the stock in case of financial dis- 
aster to the company. They also thought, as many shareholders 
had declined to subscribe in the first instance because illegality 
had been publicly charged, that in ofi'ering the changed, and 
more valuable bonds, the plan of offering them first to share- 
holders should be adhered to, and that such a preference obliga- 
tion, if issued at all, should be offered to registered shareholders, 
as their interest may become seriously afiected by the sale of 



54 

such an amount — $34,300,000-7-of direct obligations of the com- 
pany at 70 per cent, discount from their face, or at the rate 
of thirty cents on the dollar, as proposed. As this was not 
satisfactory to the former management, nor to original sub- 
scribers for the bonds, the whole scheme was abandoned, and 
another plan for readjusting the finances of the company was 
submitted. 

Proposed Financial Readjustment. 

On the 10th of August, 1881, the Managers submitted a statement, 
with plan for a financial readjustment of the affairs of the Phila- 
delphia and Reading Railroad and Coal and Iron Companies. A 
brief description of the properties of the two companies, and of the 
plan submitted, was embodied in a pamphlet, which, at the time, 
was generally circulated among the shareholders and creditors in 
interest. The conspicuous features of the plan are : 

First. — It proposes to cover, by a general consolidated mort- 
gage, all the properties of both companies, in such manner as 
to avoid all danger from a forced disintegration. 

Second. — It proposes to reduce the fixed charges for interest, 
rentals, and sinking funds, so as to bring them within the limit 
of the earning capacity of the company. 

ITiird, — It proposes to give to unsecured junior creditors of the 
company, and to junior creditors of some of the more burdensome 
of the leased properties, a lieu upon the proi)erty for the principal 
amount of their indebtedness ; the interest upon such new secured 
obligation, to be fixed at the rate of 3 per cent, per annum — 
additional interest not exceeding 3 per cent, in any one year, to 
be paid from current liet revenue only when earned. 

Fourth. — By binding the properties together in the manner 
suggested, and handling them all in a common interest, it is be- 
lieved that a more harmonious and economical working can be 
secured than is otherwise practicable. 

The New Mortgage. 

The general consolidated mortgage to be issued, to cover, 
directly, or indirectly by stocks and bonds deposited with Trustees, 
all properties of both companies that it is desired to bring under 



55 

the lien, the bonds to be secured under it to be issued in two 
series. 

Series A. — To carry 4 J per cent, interest per annum, 
the amount of this issue to be $90,000,000 

Series B. — To carry 3 per cent, per annum inter- 
est, the holders to become entitled to IJ per cent, 
additional interest when earned, before any divi- 
dend shall be paid on the share capital, and IJ 
per cent, additional after 3 per cent, shall be earned 
and paid on the capital stock of the company, 
the amount of this issue to be 60,000,000 



Total $150,0 00,000 

Series A. bonds to be issued as follows : 

(1) Enough of the 4^ per cent, bonds to be re- 
served and set apart to provide for the senior ob- 
ligations set forth in Table C, the consolidated and • 
underlying mortgages, improvement mortgage, real 
estate mortgages and liens, as they shall mature or 

be retired under the terms of their several sinking 

funds, say .* $35,000,000 

(2) Also enough of the 4 J per cents, to be set apart to 
provide for purchase-money mortgages. Coal and 

Iron Company, Table D, say 13,000,000 

(3) Remainder of the 4J per cents, to be sold to pay the 
general mortgage bonds, the general mortgage 
scrip, the income mortgage bonds, floating debt 
Railroad Company, and of the Coal and Iron Com- 
pany secured by collaterals, the Receivers' obliga- 
tions and mortgages on real estate that can be 

paid off. Table E, say 42,000,000 

Total $90,000,000 



56 

Series B. bonds to be issued as follows : 

(1) To be issued in exchange for debenture loans, 
convertible loans,unsecured floating debt Coal and 
Iron CJompany, and of the Railroad Company, de- 
benture, guarantee and fractional scrip, Table F., 

say $20,000,000 

(2) To be issued in exchange for Schuylkill Naviga- 
tion Company's junior obligations, Table G., say... 7,000,000 

(3) To be issued in exchange for Susquehanna Canal 
Company's junior obligations. Table H., say 3,000,000 

(4) To be issued in exchange for certain guaranteed 
obligations of other companies, Table J., say 5,000,000 

(5) To be held in reserve for use hereafter in ac- 
quiring the guaranteed stock or obligations of 
affiliated corporations of the Railroad and Coal 

and Iron Companies, say 25,000,000 

Total $60,000,000 

The trustees of the mortgage, in issuing bonds used in ac- 
quiring indebtedness of the Railroad and the Coal and Iron Com- 
panies or the capital stock and outiiitanding securities of affiliated 
corporations, whether such securities are a lien upon the proper- 
ties, or otherwise, will continue to hold them uncanceled, in 
such manner as to enforce them against the property, in the inter- 
est of the trust, in case it shall be necessary to do so; the intent 
being, that from time to time, as outstanding obligations of 
the Railroad Comj)any, the Coal and Iron Company, and of 
any of the affiliated corj)orations, shall be acquired by the Trus- 
tees, that they shall be kept alive in such manner as to fully 
protect the obligations to be issued under this general con- 
solidated mortgage. 

Both series of bonds are to be secured under the mortgage. 

Series A. — To be payable fifty years from date, to have a prior 
lien upon the revenues for interest at the rate of 4J per cent., 
with a right to enforce foreclosure in case of twelve months' do- 
fault in payment of such interest. 

Series B. — To be payable sixty years from date ; to carry interest 



57 

at the rate of three per cent, per annum, with a right to enforce 
foreclosure in case of three years' default in interest. 

In case of sale under foreclosure proceedings on account of de- 
fault in payment of interest on series A or on series B, unless the 
property shall net an amount sufficient to pay the principal of 
all outstanding bonds, the Trustees of the mortgage shall pur- 
chase the property for account of all the bondholders, and a re- 
organization shall be had, in such manner as shall be provided in 
the mortgage, for the unexpired period — the 4J per cent, bond- 
holders to still retain, under the reorganization, their prior lien 
for interest, with a right to enforce payment of principal at 
the expiration of the full fifty years originally contemplated, or 
if they shall so elect, to renew the obligation with the same rights 
of priority for fifty additional years, for such amount as shall not 
then have been retired by the sinking fund. 

A sinking fund of $250,000 per annum to be paid to the 
Trustees, one-half on the first day of January, and one-half on 
the first day of July, commencing with 1890, to be invested 
in these bonds so long as they can be purchased at or under 
5 per cent, premium, and the sheet of coupons on all bonds so 
purchased shall be detached and destroyed, and the bonds regis- 
tered in name of the Trustees, — interest to be thereafter paid to the 
Trustees on all such purchased bonds, until all the bonds issued 
under the mortgage shall be retired, and the mortgage satisfied of 
record. 

As a special additional security for $42,000,000 of bonds to be 
first issued and sold for cash, all the collaterals now held for 
floating indebtedness shall, as such indebtedness is paid oflF from 
the proceeds of these bonds, be placed in the hands of the 
Trustees, as a special additional security, and the Trustees shall 
continue to hold them, and shall have the right to collect the in- 
terest and dividends that shall become due and payable on such 
collateral stocks and bonds, or other obligations and property, 
and shall apply the proceeds, to the interest as it shall mature on 
bonds numbered from No. 1 to No. 42,000, both inclusive, and 
any excess to the payment of interest on the 3 per cent, bonds. 

Under this plan, when carried out, the fixed charges for in- 
terest and sinking funds can, it is believed, be brought within the 
revenue-producing capacity of the company. 



58 

Increase in Capital Stock. 

The capital stock of the Philadelphia and Reading Railroad 
Company is limited under present charter powers to 847,349,900, 
of which $34,383,175 is now issued and outstanding. This leaves 
a balance of $12,966,725 of share capital that can be issued by the 
company, of which $10,606,900 must for the present, be held in 
reserve for exchange on demand, with outstanding convertible 
bonds, at option of the bondholders. 

There are $10,527,900 seven per cent, convertible debenture 
bonds outstanding; these bonds are simple obligations of the 
company payable in 1893, twelve years hence ; and the holders 
have a right to convert them into capital stock of the company 
at par, at any time before January 1st, 1892. They are not 
secured, and the principal can not be enforced until maturi- 
ty, and bonds hereafter issued under any new mortgage 
will have a preference lien ui)on the revenue and property of the 
company, and all bonds issued under the proposed general con- 
solidated $150,000,000 mortgage, will of course take precedence 
of these convertible and other del)enture loans. It would there- 
fore appear to l.)e for tlio interest of holders to exchange these 
unsecured junior debenture bonds for tlie secured three per 
cents, that will carry interest up to six per cent, whenever 
the property of the comi)any shall earn it. With these convertible 
bonds in possession of the trustees of this mortgage under the 
readjustment plan, the company will Iiave §r2,0()G,725 of share 
capital, that can be used from time to time as opportunity shall 
offer, in acquiring or retiring guaranteed and other obligations, 
and shares of j)roperties controlled by lease or otherwise. This 
will strengthen the credit of the company, and facilitate negotia- 
tions for such acquisitions ; and every share of stock and every 
mortgage bond and other obligation of the affiliated corpora- 
tions that shall be so accjuired, will strengthen the general 
consolidated mortgage, and will tend to unify this great property, 
and bring it into a more compact and harmonious working 
and ownei'ship. 

How THE Plans Differ. 

This plan diffei-s from that proposed by the former managers, 
in that it does away altogether with the proposed sale of 34.300,- 
000 Deferred Income bonds at 30 per cent, of their face (70 per 



59 

cent, discount) ; and instead of making the interest 5 per cent, 
on all bonds secured under the new consolidated mortgage, ^nd 
selling enough of them for money to be used to purchase in open 
market the junior securities, it is proposed that two classes — 4J 
and 3 per cent. — of bonds are to be issued. The 4 J per cent, to be 
sold for money, and the proceeds used to acquire the General 
Mortgage and Income bonds, the floating debt certificates and 
obligations secured by collateral, and such bonds as can be 
drawn under the senior mortgages by the workings of their 
respective sinking funds, say $41,000,000 in all. The 3 per cent. 
bonds to be used with junior creditors in the purchase of de- 
benture, junior mortgage, and other obligations that come after 
the senior mortgage liens, equalizing the difference in market 
value of obligations so purchased, by an issue of stock at par. 

It is not proposed, as has been asserted, to issue stock as a 
bonus, or to make good any difference between market value and 
fece value as has been represented, but if the holder of a G per 
cent, debenture bond that is without the security of any lien 
upon the property, is asked to accept a 3 per cent, bond, holders 
of the 7 per cent, convertible debenture loan, in addition to the 
3 per cent, bond, will be offered the difference between the market 
values of the two securities, say - per cent., in stock of the company 
at par. 

When this scheme shall have been carried through, and all the 
new bonds issued, the yearly fixed charges for interest and sinking 
fimds will be but about 4 per cent., or say six millions of dol- 
lars ($6,000,000), on $150,000,000 of indebtedness, instead of 
6J per cent, or nearly nine and three-quarter millions 
($9,750,000), as it now stands. As the coal business is liable 
to fluctuations in tonnage produced, as well as in the money 
value of the output, it would seem to be but prudent, under 
any reorganization scheme, to bring the fixed charges of the 
company within a limit of absolute safety, and no injustice 
is done to holders of unsecured junior obligations in asking 
them to accept a secured bond, carrying three (3) per cent, 
interest, if the payment of additional interest up to 6 per cent, 
is also secured to them whenever it shall be earned. 



60 

Why the Plan has not been Pressed. 

Owing to the obstacles before referred to, occasioning delay in 
obtaining necessary data and information, the readjustment plan 
of the present Managers was not submitted to the shareholders 
and creditors until about the middle of August. The precarious 
condition of President Garfield's health and other causes, tended 
at that time to unsettle the money market, and to make financial 
negotiations more diflBcult than they had been for some months 
before. The plan was also violently antagonized, denounced as 
illegal, and grossly misrepresented as to its workings, by parties 
interested in promoting the deferred income bond scheme. 
These causes, with the natural timidity, and disinclination of 
capitalists to undertake a sale of new bonds in such an uncer- 
tain money market, delayed negotiations until the near approach 
of the annual election, with the certainty of a contest for control 
of the corporation. This decided the Managers not to press 
negotiations further, until after the annual meeting. 

Of course no vote of the stockholders can, in any event, legal- 
ize the Deferred Bonds, or reverse the decree of the Circuit Court 
by which the issue was enjoined. Should there be stockholders, 
therefore, still disposed to favor this scheme, they must take into 
account the fact that it is not practicable ; and that any attempt 
to issue the Deferred Bonds, eitlier with or without colorable 
modifications in their form, would probably lead to further litiga- 
tion, and it may be safely predicted that years would be consumed 
before the end could be reached ; whereas, under the plan now 
proposed, the stockholders will be relieved from the danger of 
foreclosure, and the creditors will get their interest in full, if the 
sanguine anticipations of some should be realized ; and if not 
realized, they will at least get whatever shall be earned, and the 
enhancement in the value of the princij)al of their securities will 
more than make up for a possible loss of income during the few 
years that may be required to get tlie properties into a condition 
to produce and transport a tonnage commensurate with the cost 
of its coal estates. 

The Original Policy of the Company. 

Previous to 1869 the policy of the Managers of the Philadelphia 
and Reading Railroad Comj)any had been to treat the proper- 
ties owned and controlled, as transportation properties, and to 



61 

operate them in that interest alone, and the result for eight years, 
from 1861 to 1868, both inclusive, was as follows : — 

Gross revenue $62,394,630 88 

Operating expenses $36,684,278 85 

New construction and equipment 
charged against revenue 6,344,293 90 

43,028,572 75 

Net revenue $19,366,058 13 

Interest paid $4,286,384 85 

Sinking funds 1,776,461 80 

6,062,846 65 

Dividend fund $13,303,211 48 

From this amount dividends averaging 8^ per cent, yearly for 
eight years were paid on the capital stock of the company. 

In 1869 Mr. Charles E. Smith, who had for eight years been 
president of the company, was compelled, from ill-health, to re- 
sign the position, and Mr. Franklin B. Go wen was chosen in his 
place, and at this date the policy of the company began to be 
changed. 

The years 1869, 1870, and 1871 were transition years in the 
history of the company. During these three transition years, 
the following changes were made in capital accounts : — 

Capital stock was increased $5,265,223 54 

Indebtedness " " 18,765,659 03 

Current liabilities were increased 567,738 02 

Total 24,598,620 59 

This additional capital was represented by an in- 
crease in construction, equipment, and property 
accounts, $10,085,293 39 

By stock and bonds purchased 1,861,302 18 

By coal lands Philadelphia and Reading Coal 
and Iron Company 11,962,000 00 

By current accounts 689,025 02 

Total $24,598,620 59 

It was in the yearly report of the company for 1871, that the 
changed policy was announced by the management, and the 
Coal and Iron Company first appeared in the accounts. 



62 



New Policy Adopted. 

The policy for the Reading Company to control anthracite 
coal tonnage by an ownership of coal lands, is one that can 
not now be discontinued under any administration that shall have 
charge of its affairs. Such a policy is in itself not objectionable. 
It has been successfully adopted by the Delaware, Lackawanna 
and Western Railroad Company, the Delaware and Hudson 
Canal Company, the Pennsylvania Canal Company, the Lehigh 
Valley Railroad Company, the Pennsylvania Railroad Company, 
the Central Railroad of New Jersey, and other transportation 
companies. 

The Reading Company in 1869-70 had its own tracks under 
every coal-breaker in Schuylkill county, and because of itf» 
more favorable gradients, and furnishing the shortest practic- 
able route to tide-water, it had advantages over all other coal 
transportation companies, and yet the policy then decided upon 
to own coal properties sufficient to permanently control tonnage, 
although it has been questioned, notwithstanding the unfortun- 
ate results that followed, can be defended as a wise policy, look- 
ing to the future of the company. Such purchases should, 
Iiowever, have been made under a well-digested plan, by which 
coal lands and coal-mining properties, of known value and in 
proper locations, would have been acquired with a view of accom- 
plishing definite resuHs. This was, doubtless, the original 
intent of the Managers and of the other parties in interest who 
assented to a change from the' previous policy of the com- 
pany. If any well-digested plan looking to this end was adopted 
by the management, it does not seem to have been adhered to, 
and it was certainly afterwards altogether abandoned, and a 
very different policy seems to have been substituted. This changed 
l)olicy was based on a theory of controlling the entire coal pro- 
duction in the region penetrated by the company's lines. All 
kinds of coal properties, good, bad, and indifferent, seem to 
have been purchased, without regard to original cost, location, or 
revenue-j)roducing capacity ; the plan apj)arently being to ac- 
quire or control all the coal lands and mining properties in 
the Schuylkill coal district. 



63 

This attempt to monopolize coal production, was followed by 
the purchase of iron-ore lands, of iron furnaces, rolling-mills 
and other iron manufacturing establishments, in an apparent 
attempt to control the iron production in the Schuylkill valley. 

The annual report of the company for the year ending Novem- 
ber 30th, 1871, gives the reasons that influenced the Management 
in the acquisition of its coal estate, the extent of the purchases 
that had then been made, and the first year's working of its coal 
properties by the Coal and Iron Company. 



This part of the report is as follows : — 



"Tlie repeated and serious interruptions of the business of the Company, 
caused by strikers in the coal regions during the last few years, and tlie many 
floctuations in the coal trade, produced by alternate periods of expansion and 
depression resulting therefrom, have directed the attention of the Managers of 
the Company to tlie necessity of exercising some control over the production 
of coal, so as to prevent a recurrence of the difficulties heretofore experienced ; 
and it was believed that the bftt way of accomplishing this result, without tf^rt- 
<mdy affecting individual interests, was for the Company to become the owners of coal 
lands situate upon the line of its several branches, 

''In order to provide tlie means to make these purchases, a loan of 
$25,000,000 was authorized, and secured by a mortgage dated the first day of 
June last, executed to The Fidelity Trust and Safe Deposit Company of Phila- 
delphia, a coi)y of which mortgage is aimexed to this report Of the loan thus 
authorized, fi6,000,000 of bonds will be retained to retire the previous mortgage 
bonds of the Company, amounting in the aggregate, at the date of the mort- 
gage, to $5,801,200, and of the balance, $11,062,000 have already been issued far the 
purchase of coal lands. Up to this time about 70,000 acres of the best anthracite coal 
lands in Pennsylvania have been acquired, and ^ill be held by an auxiliary com- 
pany, known as the Philadelphia and Reading Coal and Iron Company, of 
which the Philadelphia and Reading Railroad Company is the only stock- 
holder. 

" The resuU of this action Jias been to secure and attach to the Company's nxU- 
road a body of coal land capable of supplying clU (lie coal tonnage tJuit can possibly 
he transported over the road for centuries. This result has been obtaine<l without 
imposing any serious financial burden ui)on the Company, for tlie lands pur- 
chased are already so far developed that it is estimated they will produce in rents^ 
during the year 1872, $1,200,000 ; and it is believed that in less than three yean 
the net annual revenue arising from the lands will bo greater than the interest 
payable upon the loan issued to se<'ure them/' 

This report shows that at the close of 1871 the original pur- 
pose had been accomplished, and that no further expenditures 
were necessary to secure coal tonnage for the Company's railway. 



It 



64 

Philadelphia and Readino Coal and Iron CJompany. 

A tabulated balance-sheet of the Coal and Iron Company for 
December 31st, 1871, shows that the Company had then ex- 
pended : — 

For 65,605 acres coal lands ($293.22 per acre) $19,236,766 24 

" stock and bonds (Table B) 5,802,467 28 

" 19,545 acres timber lands ($10.33 per acre) 202,060 00 

" colliery improvements 1,861,245 28 

miners and other houses 550,507 39 

colliery equipments 187,115 61 

" other real estate 200,117 63 

" cash and debts due to the company 1,383,615 12 

" profit and loss 861,262 83 

Total cost $30,285,157 38 

The incumbrances upon these properties 
amounted to 11,261,367 21 

The balance $19,023,790 17 

was provided as follows : — 

Capital stock Coal and Iron Company subscribed 
and paid for at par by the Philadelphia and 

Reading Railroad Companv $100,000 00 

Bills payable ^. 1,700,641 11 

McCalmont Bros., account loan 1,575,281 53 

Drexcl & Co., loan 019,950 00 

Philadelphia and Reading Railroad Company *14,962,000 00 

Interest due on real estate bonds 5,917 53 

$19,023,790 17 

The report for 1871 states that $11,962,000 Consolidated Mort- 
gage bonds had then been issued for the purchase of coal 
lands " capable of supplying all the coal-tonnage that can possibly be 
transported over the road for centuries" and that " this refill has 
been obtained udthout imposing any seriou^n financial burden upon 
the company:" and that "the lands purchased are already so far 
developed that it is cMimated they uill produce in rents during 
the year 187^ $1^00 fiOO," which rental would have been more 
than sufficient to provide for the interest on advances reported 
as made by the Railroad Company. 

•KaTE.~Tlie Reading Railroad report shows but $11,%2,000 advanced the Coal and Iron Company. 
This diflferencc of $3,000,000 represents bonds delivered between November 30th and December Slel 
by the Beading Railroad Company to the Coal and Iron Company. 



65 

It erroneously reports the coal acreage purchased at 70,000 
acres, when it was but 65,605 acres ; and while stating that " m 
order to provide the means to make tfiese purchases, a loan off^SfiOO,- 
000 was authorized" of which " $11,962,000 have already been issued 
for the purchase of coal lands/' it omits to state that the total 
cost of the coal properties and improvements then acquired, was 
$30,285,157.38, and that in addition to the $11,962,000 purchase- 
money advanced by the Railroad Company, there was an out- 
standing indebtedness against the Coal and Iron Company, 
for which the Railroad Company had become responsible, 
amounting to $18,223,157.38, less debts due the Company and a 
small amount of cash on hand necessary as a working capital. 

Additional Coal and Iron Company Expenditures. 

A tabulated statement shows that between December 31st, 1871, 
and November 30th, 1880, the Coal and Iron Company made 
additional expenditures, notwithstanding the statements of the 
report above quoted, as follows : — 

For 26,672 acres coal lands ($255.02 per acre) $6,802,064 48 

For 49,077 acres timber lands ($7.91 per acre) 388,247 56 

For colliery improvements 4,947,071 80 

For dead work at collieries 918,091 62 

For leasehpld collieries 1,513,707 29 

For supplies at collierias 50,890 07 

For miners and other houses 133,718 05 

For colliery equipments 1,073,378 93 

For other real estate 1,165,791 26 

For 6960 acres iron ore lands 655,819 50 

For iron ore mine improvements 132,537 20 

For iron ore mine equipments 26,689 78 

For furnace, rolling mill, and other properties 905,519 72 

For supplies and material 1,333,506 30 

For improvements Philadelphia retail yards 205,196 53 

For profit and loss account 21,593,237 97 

For miscellaneous accounts 100,969 65 

For cash, bills receivable, debts, coupons, &c 2,267,553 72 

Total cost $44,214,051 43 

Less debts paid $2,528,330 591 i)aK9iAc\A 90 

" stocks and bonds sold 130,073 70 j ^'^^^^^"^ ^"^ 

The balance $41,555,647 14 



66 

Was provided as follows : — 

Capital stock Coal and Iron Company (subscribed 
and paid for at par by the Philadelphia and 
Reading Railroad Company) 7,900,000 00 

Debenture bonds 1,731,000 00 

Philadelphia and Reading Railroad Company 31,924,647 14 



$41,555,647 14 



An analysis of the Coal and Iron Company's expenditures 
shows : — 

That there has been expended : — 

For coal and timber lands and leasehold collieries, 
and for dead work, colliery equipments and im- 
provements, real estate and miners' houses, &c.,*$39,385,079 67 

For stocks and bonds and loans to secure control of 
tributary properties 5,672,393 58 

For iron ore lands, iron furnaces, mills, and other 
properties t 1,720,566 20 

For profit and loss account in working properties 
including interest, payments, &c ..J 22,454,500 80 

For supplies and miscellaneous accounts 1,485,426 02 

P^'or bills and accounts receivable, cash,&c 2,608,701 92 

Total $73,326,668 19 



* Note. — The original cost of the coal lands proper, including cost of stocks 
and bonds of coal organizations purchased for the purpose of control, was 
$341. 3() per acre. The cost of all coal properties, including improvements, 
timber lands, &c., but not including interest and losses from working the prop- 
erties, was |48o.9.'i per acre. Inchiding profit and loss account, it will add 
$24().3r), increasing the cost to ;?732.28 per acre for the coal properties of the 
com])any. 

tThe cost of iron ore lands, iron mills and furnace properties, including 
permanent loans to iron operattjrs and other investments of the Railroad 
Company, was $2,490,550. 

Jin addititm to this amount there was transferred from profit and loss 
account to dead work at collieries, $704,802, which makes the total profit 
and loss $23,159,302.80. Of this amount $14,tK)4,528.93 was transferred on the 
books of the c^ompany to cost of coal lands. 



67 

Of which amount there was fumiBhed by the Read- 
ing Railroad Company $54,886,647 14 

And the Coal and Iron Company obligations 
held by the public, for which the Railroad 
Company has become responsible as guarantor, 
amount to 14,929,556 67 

Other direct liabilities of the Coal and Iron Com- 
pany amount to 3,510,464 38 

Total $73,326,668 19 

The following table shows the gross revenue, operating ex- 
penses, and interest on direct liabilities of the Coal and Iron 
Company from 1871 to 1881, both inclusive: — 













■- 1 










Teul 





"S'lX^s? 


^. 


tM7,4SS 09 !1S9,M8 43 ProHi S2«,878 fl6 
M«,M1 M l.noiH-ng 42 Lon lS3,l6a 32 
«,4S0,eM 08 B.TJ0,34fl SI Lhb ;K8,a47 4a 
0,484,143 SO ' 8,973.924 0« P ofit rUH.Xl] 74 
8,678,m OS 1 »,223,M5 09 Lou H5,7M 04 
n,S»4,5Z1 49 I2,B17,H80 62 LoB 6S3,S.M 03 
lOJWT/ai M 1 lD,7G2,5ia 31 ' LOD 7U,478 37 
8,192,077 W , 8,044,127 It ' LoH 702,049 14 

njus,m Be ' la.asT,,^! 4i , .«» m.tso m 

IIMI.'»,ma OK 1 13,168,717 44 1 l^flt 48T.88* 24 
10,007,319 10 ' ]S,8U7,774 OS ! TroBt 1,199,440 12 


t88Z,B«4 70 
1,042,719 10 

1,020,378 2S 
i;088:086 4a 
l,0M,9Slf W 
I.1S9.411 TZ 
1,168:777 83 


tssss 

1,7M,4M U 

7DI 608 tS 

Pioat40.0«T4» 


tM,tiVa7s\vn.m,mv ^ ix,m !i.47o,4S2 ua 


I13,W»,(!«S 19 


»14,87.1,BtB « 



Condition of Railway and Chabactee of Maintenance. 

The Reading Railroad Company transports more tons of freight, 
and more passengers, per lineal mile of road, than is carried 
by any other railway company in this country. For this reason, if 
for no other, the condition of its plant, and the general cliaracter of 
its maintenance and replacements, should be first-class in every 
respect, and of such u character as to secure the greatest economy 
in operation, as well as the safety, and convenience of passen- 
• gers and shippers in handling the vast traffic jias.sing over its 
lines. 

The roadway and structures, machinery and rolling stock, have 
recently been examined by competent experts, Mr. T. E. Sickels, 



68 

who was for three years the Chief Engineer and Greneral Superin- 
tendent of the Union Pacific Railway, and is now its consulting 
engineer, and Mr. Frederick E. Sickels, a practical mechanical 
engineer, both of them men of large experience and recognized 
ability in railroad construction and maintenance, and in rail- 
way mechanics. Their reports, printed in the appendix, 
have been confirmed by a personal examination and inspection 
of a part of the railway lines by the company's officers. The ex- 
aminations show that the embarrassed condition of the company 
has affected maintenance, and given character to its replacements. 
It is evident there has been but a mea^e maintenance in all 
departments, and that of the roadway and structures, the replace- 
ments and improvements have not been of the most approved 
character for accommodating the volume of traffic, and for 
securing the greatest economy in working. The road-bed, bal- 
lasted as it is mainly with furnace cinder, that packs into a 
compact mass holding the sills firmly in place, is solid and 
substantial ; and the bridges upon the main line, with a few ex- 
ceptions, are permanent structures of stone or iron ; but the 
metals and sills are not of the standard or quality they should 
be, especially upon the main lines. 

Upon the entire length of the company's main roads, lOSfi^^ 
miles, there has been laid but 276 miles of steel rails: and while 
the character of the iron rails used, made mostly in the 
company s mills, is very good, they are not equal to steel rails in 
point of durability or economy, and in wearing they become spot- 
ted, offering a rough surface wliere steel rails wear smooth, and 
this materially increases the repair account for cars and machinery 
passing over them. The sills used in the main track are small 
and not of the usual specifications for a road with such a traffic, 
and there has been a scant maintenance, that but for the solid 
character of the road-bed and ballast, would tend to weaken the 
track. The slight saving in original cost of metals and of sills 
used in replacement, is not economical, as it is more than counter- 
balanced by an increase of repair accounts in other departments. 

Upon the branch lines — with exception of the North Penn# 
and Bound Brook, that have been more recently constructed — this 
forced economy is more marked than upon the main line. 

A coi)y of the reports of the ox])erts was furnished, through 



69 

the Receivers, to the General Manager and to the Chief Engineer, 
and their letters in response to these criticisms are printed in 
the appendix. 

Terminals. 

The terminal structures at Ninth and Green streets, where the 
principal passenger business is handled, and also at Broad street, 
are especially subject to criticism, both as to accomodations for the 
traveling public, and the character of their construction and man- 
ner of maintenance. They seem to have been originally temporary 
structures, and were not constructed in accordance with a properly 
arranged ground plan, for buildings, tracks, and accommodations 
necessary for present traflBc, and future requirements. The station 
at Ninth and Green was inadequate for the business of the old 
Philadelphia, Germantown and Norristown Railroad Companyi 
and since the Delaware and Bound Brook and North Pennsyl- 
vania Railroads have been brought there, it is in every way un- 
suitable. There should be for each of the terminals, full working 
drawings, with plans locating all permanent structures, tracks, 
platforms, &c., and all additions and replacements should, both in 
general character, and in all other respects, conform as far as prac- 
ticable to such general plan, so that each year would bring it nearer 
to completion, and in time the original purpose would be carried 
out, and complete buildings and other structures, with convenient 
tracks substituted for the temporary structures and tracks now 
in use. 

Very complete plans were prepared for the station at Ninth 
and Green streets several years since, in 187 — , but the present 
buildings, tracks, and structures do not in any way conform to 
such plans. The explanation is, that the city have refused to 
grant to the company necessary privileges on Ninth street, to 
make the improvements that are so greatly needed to accommo- 
date the traveling public. Steps were taken by the company to 
secure additional ground on the west side of Ninth street, and 
some property was acquired when further action was suspended, 
because of the insolvency of the company. 

The passenger and freight station now in use on the east side 
of Broad street was originally built in 1850, as part of a general 



70 

plan for station accommodations in that locality, and it has since 
remained in an unfinished condition. No recent estimates 
have been made for either of these terminal improvements, but 
steps should be taken at as early a day as possible to complete 
them both, or at all events to such extent as is absolutely 
required to properly accommodate the enormous traffic that cen- 
tres at the two points. 

The Port Richmond accommodations for storing and handling 
coal are convenient and ample. The grain business is well 
provided for, and extensions can easily be made to meet increas- 
ing demands of the coal and grain trade. The company's property 
on the river front was wisely purchased, and in extent is suffi- 
cient to meet the present and any probable future wants, at least 
for many years to come. 

Equipment Maintenance. 

An examination of the reports of the company for the last five 
years, shows that there has not been a full maintenance of 
equij)mcnt at expense of the operating department. The Greneral 
Balancc-Shect for the fiscal year ending November 30th, 1876, 
shows the total cost of locomotive engines and cars to be 
$9,355,442.24, of which amount $340,597.48 represented new 
engines and cars built at shops of company during the year, 
chiefly to provide increased traveling facilities during the Cen- 
tennial Exposition, the cost of which had been charged to capi- 
tal accounts, instead of to the operating department. 

As representing this expenditure the company reported : — 

414 Locomotive engines, 
22,092 Coal cars (four wheels), 
7,375 Freight cars (four wheels), 
395 Passenger and baggage cars. 

The Conij)any acquired in 1879 by lease of the North Pennsyl- 
vania and Bound Brook Railroads: — 

63 Locomotive engines, making 477 in all. 

392 Coal cars (four wheels), making 23,084 " 

1,368 Freight cars (four wheels), making 8,743 " 

110 Passenger cars, making 505 " 



71 

The report for 1880 shows the same charge, $9,355,442.24 to 
locomotive engines and cars, and under the list of assets on the 
general balance-sheet, new engines and cars stand charged with 
$708,903.90, that is apparently represented by 29 locomotives, 
295 coal cars, and 1260 freight cars. 

From the year 1863 to 1868 the cost of new additional equip- 
ment charged to operating expenses was $3,844,077.31, an average 
expenditure of $640,680 for each year. 

From the year 1869 to 1880 the cost of all such additional 
equipment was charged to capital accounts, the amount so 
charged being $6,298,571.69. 

These figures, and the accounts for 1881, show that there has 
not been a full maintenance of locomotive engines and cars at the 
cost of operation ; that no additions have been made to the equip- 
ment during five years, at the cost of operating expense account, 
and that 12 locomotives purchased in 1881, to replace old ones 
worn out, were charged to capital instead of to maintenance. Had 
the policy of 1863-68, of making regular yearly additions to equip- 
ment to cover general depreciation, and charging the cost to reve- 
nue, been adhered to from 1869-80, there would have been ex- 
pended and charged to expense account $7,688,154 where there 
has been practically nothing so charged ; and this would undoubt- 
edly have been done, but for a supposed necessity of making a 
better showing of net results in the yearly reports of the company. 
The expenditures charged to new locomotives and cars in 1880, 
of $708,903.90, and for 1881 of $729,397.45 should, in the opinion 
of your Board, have been charged to maintenance, to make good 
what should have been currently charged to cover general depre- 
ciation in the rolling stock of the company, for those and previous 
years since 1869. 

In this connection it is proper to call attention to the Wootten 
boiler in use on locomotives, that has been reported upon by Mr. 
Sickles, whose report is printed in the Appendix. 

What is known as the " Wootten Boiler," is an invention or 
device of Mr. John E. Wootten, General Manager of the Philadel- 
phia and Reading Railroad. Mr. Wootten is a thoroughly capa- 
ble, practical mechanic, who was for many years in charge of the 
shoi>s and machinery of the company, and since January, 1877, 



72 

has been its General Manager. This boiler was perfected in the 
company's shops, and has been put into practical operation on 
the company's road under Mr. Wootten's im^iediate supervision. 
The principal diflFerence between it and ordinary boilers is 
the increased grate surface, the Wootten boiler having 
about treble that of ordinary locomotive boilers burning an- 
thracite coal. It is claimed that waste coal from the dirt heap at 
the mines can bo economically used in such boilers for fuel, and 
that in using any ordinary fuel there is a saving, equal to 15 per 
cent., and a saving equal to 75 per cent, when buckwheat coal or 
waste from the dirt heap is used. 

By reason of its peculiar construction, when the Wootten boiler 
is once adopted, the engines can not afterwards be changed, and 
the old standard restored, except at verj"^ considerable cost. The 
General Manager reports that there are now one hundred and 
four locomotive engines on the Reading Road with these boilers, 
that have cost the company $1,100,000. The Receivers have 
purchased thirty, during the past year, and as many more are 
under contract for future delivery. i 

Another device originating with Mr. Wootten has also been ap- 
plied to one hundred and seventy stationary engine boilers, and 
these are practically the standard boiler furnaces in use on the 
company's road and at its mines, all of them reported as consum- 
ing the coal-dirt as it comes from the heap without any prepara- 
tion. 

The record of the "Wootten boilei*s" used on locomotive en- 
gines, under supervision of the inventor, apparently shows con- 
siderable saving in cost of fuel. The improvement has not, how- 
ever, been adopted upon any other road, although the attention of 
the mechanical departments of other companies has been called to 
it. It has been tried by the Baltimore and Ohio, the Wabash, the 
Lehigh Valley, the Delaware, Lackawanna and Western, the 
Lehigh Navigation Company Railroad, and the Camden and 
Atlantic* Railway companies, but it has not given such satisfac- 
tion to any of these companies, as to lead to its adoption. 

On such a record, its general adoption, at such a heavy cash 
outlay, by the Philadelphia and Reading Company, is, not improp- 
erly, subject to criticism, even though they should hereafter prove 
to' be all that is claimed for them. It is certainlv unusual, and 



73 

of doubtful expediency, to make such a radical change in 
the standard of locomotive equipment, on such limited ex 
parte evidence as to the value of an improvement. It would 
seem now to be but prudent, before further expenditure shall 
be made in that direction, for the Philadelphia and Reading 
Railroad Company to arrange to have these engines thor- 
oughly tested on other roads, under an absolutely disinterested 
supervision, the records for comparison with the consolidation 
or other standard locomotives, to show original cost of engine 
and cost of repairs, the hauling capacity and cost of firing, 
and the cost of fuel, including the cleaning, handling, and 
reshipping of waste fuel used. Mr. Wootten is desirous of 
having such an impartial trial and examination made as to the 
value of his invention. 

New Connections. 

There are four important connections in the near future, which 
will prove of very great advantage to the Philadelphia and 
Reading Railroad Company. 

1. One via the Harrisburg and Potomac road, when extended 
to Chambersburg. This road is now constructed from opposite 
Harrisburg to within about six miles of Chambersburg. Eventually 
it will be necessary to construct a short piece of road and a bridge 
across the Susquehanna river into Harrisburg, in order to make an 
independent connection with the company's Lebanon branch. 
There is but little doubt of the early completion of a road from 
Pittsburg eastwardly through Westmoreland, Somerset, Bedford, 
and Fulton counties to Chambersburg, which will bring the Con- 
nellsville, Somerset, and Salisbury coal basins into direct connec- 
tion with the Reading Company's lines at Chambersburg, and 
will also furnish a through route between Philadelphia, New 
York, and Pittsburg. 

2. The Shenandoah Valley Road will furnish another important 
connection at Chambersburg. This road is completed from Hagers- 
town to a connection at Shenandoah Junction with the Balti- 
more and Ohio Railroad, and at Waynesboro with the Chesa- 
peake and Ohio Railroad, and it is being rapidly extended ninety- 
five miles further soutli to a junction at Roanoke with the Nor- 
folk and Western Railroad, which through its alliance with the 



74 

Virginia, Tennessee and Georgia Air Line, will make a direct 
and independent route to New Orleans and the Gulf. 

The probable completion, at an early day, of these two connect- 
ing lines, makes it necessary that arrangements should be made 
for the construction of a bridge across the Lehigh at AUentown, 
to connect your road with the Central Railroad of New Jersey, 
in order to make a continuous line. Whether this bridge shall 
be constructed by your company alone, or jointly with the 
Central Company, is a matter that should be agreed upon by the 
officers that are to be chosen at the coming election. 

3. Another desirable connection, is by way of Williamsport and 
the Jersey Shore and Pine Creek Road. An extension of this line 
from Williamsport to Antrim, in Tioga county, will furnish a direct 
connection with the New York, Lake Erie and Western Railroad, 
at Corning, and at Lyons, by the Syracuse, (Jeneva and Coming 
Railroad, with the New York Central Railroad, and other roads 
operated in that interest. The length of road necessary to be 
constructed to secure this connection, is but sixty-nine miles 
between Williamsport and Antrim. The great advantage of this 
connection to the Reading Company is, that it will open a new 
outlet for its production of anthracite coal to interior New 
York, and to the lakes, by as direct and practicable a route as 
from any of the other coal-fields. 

4. Another important connection will doubtless soon be made, 
by a new road now under construction between Baltimore and 
Philadelphia, and a portion of the Reading Company's road can 
be utilized in connection with this new road, to make a through 
route to New York city from all southern points. 

These connections will, when completed, not only bring 
new business to the railway, but will also furnish transportation 
facilities to new markets for the anthracite coal production of the 
company. 

Financial Summary. 

On the 30th of November, 1879, the floating indebtedness of 
both companies, including current liabilities, was $13,300,184.12. 
Six months from that date, on the 24th of May following, all the 
properties of both corporations, under an order of the Circuit 



75 

Court of the United States, was placed in custody of three re- 
ceivers. 

The report made by the Receivers, for the fiscal year ending 
November 30th, 1880, shows the floating and current indebted- 
ness to have been on that date $18,276,185.68, and one year 
later, at the close of the fiscal year ending the 30th of November, 
1881, the balance sheet shows it to be $19,255,080.85. 

It appears, therefore, that under the receivership this in- 
debtedness has steadily increased. During the year just closed 
the expeuaiture of the Receivers, and the accruing charges for 
rentals, guarantees, interest, and sinking funds, exceeded the 
revenues derived from the property by at least $2,163,649.79. 

For the current year, in addition to current expenditures, there 
will be required — 

For Greneral Manager's estimates, a considerable portion of 

which is already contracted for 11,829,100 00 

For roadway improvements, Cliief Engineer's estimates 919,795 75 

For Canal and Navigation Company improvements 22,500 00 

For steam colliers 231,200 00 

For mining expenditures, per Mining Engineer*s estimates 170,000 00 

For mining expenditures to increase capacity of output 25 per 
cent., per estimate of Mining Engineer — proportionate amount 

of 1795.000 to be expended during two years 499,000 00 

For scrip maturing July 1882 5,159,559 00 

For loan 1836-1882 134,400 00 

Total $8,965,554 75 

These amounts do not include any estimate of expenditures for 
steel rail replacements, nor for improved terminal facilities at 
Ninth and Green and Broad street stations, although very con- 
siderable expenditures should be made yearly, commencing with 
the current year, until these improvements shall be completed. 

Allowing the same proportionate increase in net revenue for 
the current year that there was during 1881 over 1880, after 
making proper allowance for equipment expenditures to cover 
general depreciation, it is evident that no material portion of this 
$8,965,554.75 can be provided for from the current revenues. 
Your Board are satisfied there is but one way in which pro- 
vision can be made for these expenditures and the maturing 
indebtedness of these corporations, and that is by the adoption 



76 

of some plan of readjusting the finances of the companies, by 
which the fixed charges shall be brought within the limit of the 
earning capacity of the corporations, and they believe that this 
can only be done in one of two ways — 

First. — By the junior creditors agreeing to forego a part of 
the fixed interest on their bonds, under some plan like that 
heretofore outlined and submitted by the Board in August, 
1881, the holders of certain junior obligations issued on leased 
properties also to consent to the temporary reduction of a por- 
tion of their fixed interest ; or, 

Second. — To submit to a foreclosure under either the general or 
the income mortgage, with an agreement for a reorganization, 
by which all the interests shall be protected in the order of their 
several priorities. 

This foreclosure plan is objectionable, because it may affect 
the special privileges conferred by the original charter of the 
company, and it will be likely to bring the new organization 
under the new constitution and the general state laws. It is 
also doubtful, if a forced disintegration of the properties, to some 
extent, at least, can be avoided in case of a sale under foreclosure 
proceedings. 

Recommendations. 

In submitting this report to the shareholders, the managers 
have endeavored to make accurate statements in reference to 
the various properties of the company, their condition and reve- 
nue-producing capacity. They have not thought it necessary to 
discuss the wisdom of their original acquisition, by lease or pur- 
chase, or whether the leases and purchases were prudently made 
and at fair rates or prices. The information they have obtained 
is generally submitted without other argument than the facts 
themselves carrv. 

They think it proper, however, in closing, to call special atten- 
tion to some matters that have been referred to elsewhere, and 
to express their opinion as to what should be the policy of the 
company in respect to them — 

First. — The policy of the Railroad Company in the mainte- 
nance of its roadway, structures and equipment, and as to ex- 
penditures for betterments and for terminal accommodations, 



77 

has not been liberal for a company that transports a larger 
tonnage, and a greater number of passengers per lineal mile, than 
any railway in this country. This is not intended as reflecting 
upon the department officers immediately in charge of mainte- 
nance, as they*have but carried out the policy of forced economies 
established by the former management, and in doing this, it is 
proper to state that they have apparently never enforced 
their economies beyond the safety point of maintenance. The 
forced economies they have been compelled to adopt, have not, 
however, tended to secure an advantageous and economical 
working of the properties in their charge. 

Your Board are clearly of the opinion, that upon the company's 
main lines no further replacement of iron rails should be made, 
and that sills with a broader face should be used under all steel re- 
placement; that the structures, including the Philadelphia termi- 
nals, should as rapidly as possible be improved ; and they recom- 
mend that an amount equal at least to 5 per cent, of the original 
cost of locomotive and car equipment should be expended yearly 
in the purchase of new additional equipment, and charged cur- 
rently to cost of operation, to cover general depreciation of the 
company's rolling stock. 

Second. — It is very evident that with an output from the coal 
mines worked by the company of an average of but 3,638,027 
tons during the past five years, and less than 4,000,000 of tons 
for the year just closed, that the company can not rely for a suf- 
ficient revenue from its coal estates to provide for any material 
portion of the yearly interest on their cost. During the past year 
of almost unprecedented prosperity in the coal trade, the reported 
net income of the Coal Company is only $40,667.49 in excess of the 
interest on its divisional purchase-money mortgages, which rep- 
resent only about one-fifth of the actual cost of the properties. And 
this apparent excess is more apparent than real, as has been shown 
on a previous page. The estimated expenditures for increasing 
the output capacity of the mines worked by the company to 0,483,- 
100 tons per annum, is $795,000, and to do the necessary work will 
take from twelve to twenty-four months. This expenditure can 
not however be made so as to materially increase the capacity of 
production for the current year, nor for the year to come, but 
for 1S84, with such increased capacity of production, if the mines 



78 

shall be worked to 90 per cent, of their capacity, 5,834,790 tons 
of coal will be produced, which would be an increase of 2,196,- 
763 tons, or 60.38 per cent, increase over the average output 
from mines worked by the company during the last five 
years, and 1,897,182 tons, or 48.18 per cent, increase over the 
output for 1881. Your Board earnestly recommend that this 
expenditure for increasing production should be made. They 
also recommend, that until such increased capacity of pro- 
duction shall be obtained, every exertion be made to bring 
production nearer to present capacity of output, than seems to 
have been done in the past, the tonnage produced last year 
being but 74j^ per cent, of the present output capacity of the 
mines worked by the company. 

Third. — The furnaces, iron ore mines, and iron mill properties 
should, in the opinion of your Board, bo disposed of as fast as pur- 
chasers can be obtained at proper prices. The legitimate business 
of your company is — first, transportation ; and, secandy coal mining. 
Your Board do not think that the company should undertake 
any transactions outside of these two classes of business. As 
an investment, these furnace, iron ore, and iron mill properties — 
except its rail mill at Reading — have not been profitable, and 
when worked by the company or for its account, they have gene- 
rally proved still more unprofitable. 

Fourth. — The financial condition of the company demands 
immediate and serious attention. The steady increase of indebted- 
ness year after year, if continued, can have but one result. The 
estimated expenditures for the current year, made by the General 
Manager and the Chief Engineer, for current maintenance and 
necessary improvements and additions to the property, can not 
well be avoided without impairing the efficiency of the company's 
property to produce revenue ; and an equal or greater amount is 
likely to be needed from year to year for some years to come. 
Such a property can not he worked to advantage, unless every 
department is kept in the highest state of efficiency, and fully up 
to the standard of rival companies. No plan of reorganizji- 
tion, therefore, should be adopted, which does not provide for a 
liberal and adequate appro[)riation for betterments, both upon 
the railroad and at the mines. With a current and floating in- 
debtedness of $19,2r)5,080.35,incrcasing at the rate of $2,103,649.79 



79 

per annum, and a necessity for the improvement and other ex- 
penditures estimated for, and with a certainty that no portion 
of such expenditures can bo provided from current revenue in 
excess of what will be required for operating expenses and cur- 
rent interest and sinking funds, some financial reorganization of 
the affairs of the company must speedily be had, under a plan 
that will bring its fixed charges and other expenditures within 
prudent limits. 

A gift outright, or a contribution from shareholders to the 
company of $10,000,000, or any other sum of money, to be used 
only in diminishing the present floating indebtedness of the com- 
pany, would afford but temporary relief, if no reduction is to be 
made in the fixed charges for interest and sinking funds on other 
indebtedness ; and while it might relieve immediate embarrass- 
ment, it would be but a question of time, when the steadily 
increasing load of indebtedness arising from expenditures 
in excess of revenue, would again become more than the 
company could carry. Nothing can give permanent relief, 
but a reduction of the fixed charges to the limit of the revenue- 
producing capacity of the company's properties. The plan sub- 
mitted by your Board of Managers, that is fully described in 
previous pages, will, it is believed, accomplish this result, and 
will besides secure a more economical and homogeneous working 
of the company's properties under one management. 

If the junior creditors will consent to accept the proposed 3 per 
cent, interest-bearing bonds in exchange for the obligations bear- 
ing a higher interest that they now hold, the fixed charges can in 
such manner be brought within the limit of the earning capacity 
of the property; and whenever such earnings shall increase, 
additional interest up to 6 per cent, will be paid to them cur- 
rently as earned ; but this additional interest should not be 
cumulative. In otlier words, under the plan proposed, the reve- 
nues of the company are absolutely secured to the junior creditors, 
in excess of what shall be required to pay a reduced rate of interest 
on the bonds secured by prior liens, and tim reduction of inter- 
est on the prior liens, will enable the company to pay at least 
3 per cent, currently as it shall mature on the new 3 per cent* 
bonds. 



80 
Conclusion. 

In closing this report, the Managers desire to express their 
belief in the great value of the aggregation of properties owned 
and controlled by the Philadelphia and Reading Railroad and 
the Coal and Iron Companies. They believe that, with a prudent 
and economical management, and reasonable forbearance on the 
part of creditors, a readjustment of its affairs can be made 
that will relieve present financial embarrassments, secure funds 
necessary to place the railway plant in first-class condition, and 
to provide mining facilities and openings sufficient to deliver 
coal proportionate to the company's proprietary interest in 
anthracite coal lands. To do this will require united action on 
the part of owners and creditors. They hope that after the 
election, such united action will be had as will secure these re- 
sults, and place the company among the first of the producing 
and transportation properties on this continent, a position which 
its proprietary interests properly entitle it to take. 

Discrepancies in Report Explained. 

It is perhaps due to those who have had charge of the prepar- 
ation of this report, to add, that some discrepancies in the figures 
and tables given in the report may be noticed, but they are 
not necessarily inaccuracies. The report has been prepared 
under many disadvantages, and it has been published for dis- 
tribution to shareholders in advance of the annual meeting 
and election, which has not heretofore been customary, and 
many of the figures and statements were necessarily prepared 
as of different dates, and some hurriedly, as the general bal- 
ance-sheets of the Railroad and the Coal and Iron Companies 
for the fiscal year ending November 30th, were neither of 
them furnished to the officers of the company by the Re- 
ceivers, until late on Saturday, December 31st. In anticipation 
of these balance-sheets, preliminary reports had been asked for 
from chiefs of departments, which were necessarily made with 
the receipts and expenditures for November estimated, and no 
supplementary reports from these officers, with corrected figures, 
have as yet been received. A request ft*om the President of 



81 

your company, for the Comptroller to verify the comparative 
statement of earnings and expenditures of both companies for 
1880 and 1881, on page 7, the traffic statement for five years on 
page 10, the comparative joint balance-sheet on pages 42 and 43, 
the profit and loss statement on page 44, and the floating debt 
statement on page 46, was, by direction of the executive officer 
of the Heceivers, refused. It has not, however, been thought 
advisable to delay publication, pending a more formal request to 
the Receivers as a body, or an application for the court to enforce 
its own order made April 16th, 1881, permitting the officers of 
the company " to examine and inspect and have free access to 
all the books and papers of the said Philadelphia and Reading 
Railroad Company in the possession or under the control of said 
Receivers." 

It is not improbable, therefore, that in a report made under 
such unfavorable circumstances, some noticeable discrepancies 
will be found, arising from differences in dates, but it is believed 
that there are no material inaccuracies in any of the statements, 
as they have been prepared with very great care from the official 
records. 

A report of the Receivers of the Philadelphia and Reading 
Railroad and Coal and Iron Companies for the year ending 
November 30th, 1881, will be found on page 110 of the Appendix. 
No copy of this report has been furnished to the officers of the 
company, but as it is published in the daily newspapers, appar- 
«itly by authority, it is printed with this report of the President 
and Managers, for the information of shareholders. 

Respectfully submitted 

By order of the Board of Managers. 

FRANK S. BOND, 

Premleni. 



APPENDIX. 



REPORT OP Mr. T. E. SIOKELS, CIVIL ENGINEER, 
On Condition of Track, RoUing-Stock and Machinery, October Id, 1881. 

Frank S. Bond, Esq., 

President Philadelphia and Reading R. R. Co., 

Dear Sir : — In compliance with your request that an exam- 
ination be made of the track, rolling stock, and machinery of 
your Railroad Company, I beg to report that I have made a par- 
tial examination of the properties, personally, accompanied by a 
general superintendent of one of the leading roads of this State^ 
and that a more specific examination of the track was made by 
a road master of known ability. Each of these gentlemen made 
separate notes, and their observations and examinations, and on 
comparison, agreed in their views as to the condition of the 
property. 

The following memoranda will give you the substance of the 
results of these observations : — 

Main line Philadelphia to Pottsville not in good order for the 
business done on it. Road needs ballast and cross-ties in a great 
many places. Prinoi])ally laid with iron rails, many of them 
showing signs of wear. Many of the frogs in use are old style, 
of ca.st iron, and without pockets in end to receive the rails — of a 
kind discarded by railroads generally years ago. A number of 
their switches, and the kind of switches in use on the road, are 
not suitable for a passenger line. 

Many of the stations and depots are in a dilapidated condi- 
tion. In most places passengers have to get in cars from, or 
alight on, the ground, there being no platforms. 

(85) 



86 

There is very little material for repairs on the lines, and the 
number of trackmen at work appears small. The different yards 
where trains are made up are in a dirty condition. 

The little Schuylkill Railroad has a neater appearance, but 
has little material on it, and few men on repairs. 

The Mahanoy Branch is in fair order, and appears to have 
more men on it, but very little material. A number of their 
sidings are located on heavy grades, and without protection from 
cars being maliciously run out on main track, and accidents 
causing serious damage have already occurred therefrom. 

Catawissa and Williamsport Road is not in good order, and 
appears to be going backward. Few men at work. Little ma- 
terial on the line. 

Lebanon Valley Branch is in fair order, but needs ties badly. 
Harrisburg yard and depot in bad condition, a large amount of 
fine and very light cinder, entirely unfit for such use, has been 
spread over this line, and it is thereby being injured as a pas- 
senger route, although its business is, or should be, largely com- 
petitive. 

North Pennsylvania line appears to be in better order, but 
many ties needed on parts of it. Yards in bad order. 

These statements will give a general idea of the state of the 
property which is not being maintained in the condition re- 
quired for the most economical and proper transportation of the 
vast business carried on it. 

The track, structures, and rolling power and equipment must 
be kept at the highest standard of efficiency to attain this result. 
Using iron instead of steel rails is clearly a mistake ; without 
question the iron is good, but the economy resulting from the 
use of steel rails in place of iron rails on railways having a large 
traffic has been fully demonstrated by the leading railways of this 
country and of Europe. Other coal roads as favorably situated 
for getting iron rails have abandoned them and use steel rails 
altogether. 

The frogs and switches in general use on the Reading Railroad 
are far behind those in general use on other lines, both as to 
durability and safety. 

Believing that true economy would best be promoted by placing 
the property in first-class order, I estimate that the following 



87 

outlay would be necessary ; observing here that this expense 
could be distributed over four or five years. 

By report to Auditor General, of Pennsylvania, for 1880, the 
length of road of all lines owned or controlled by the Reading 
Railroad is given as 1624 miles, of which 258 are laid with steel 
rails. At least 900 miles of track most in use should be laid 
with steel as soon as practicable. Deducting amount already 
laid, leaves say 650 miles, or 65,000 tons to be put down as above, 
and the rest of the track could be relaid as might be found neces- 
sary. The amount of iron rails laid last year was 13,000 tons, 
and at this rate the amount stated above could be laid down 
readily in about five years. I assume the cost of this amount of 
steel rails over the cost of iron rails, including the joint fasten- 
ings, at $1,000,000 

For new ties, frogs and switches, ballast, and track ma- 
terial 350,000 

Stations and bridges 250,000 

Additional labor 400,000 

Total $2,000,000 

An examination of the rolling stock and machinery was made 
by Mr. Frederick E. Sickels, a mechanical expert of recognized 
ability. His report is herewith submitted and also his statement 
with reference to the Wootten patents. 

Very respectfully, 

(Signed) T. E. SICKELS, 

OivU Engineer. 
New York, October 1st, 1881. 



REPORT OF Mr. FREDERICK E. SICEELS, 
MECHANICAL ENGINEER, 

Oil CondUion of RoUing-Stoch and Maddneryy and in reaped to 
Patents used by the Company ^ October M, 1881. 

Frank S. Bond, Esq., 

President Philadelphia and Reading R. R. Co., 

Sir : — I respectfully submit the following report in relation to 
the rolling stock and machinery of the Philadelphia and Read- 
ing Railroad Company. 

First. — About eighty-five engines have the Wootten boiler ; 
engines with these boilers are sometimes called the dirt engines ; 
they are better known as the Wootten engines. The principal 
difterence between the Wootten boiler and the ordinarv boiler 
consists in the fact that tlio grate surface of the Wootten boiler is 
about double that of the ordinarv locomotive boiler, made to 
burn anthracite coal. It was obvious that at low speed the 
increased grate surface of the Wootten boiler aflbrded facilities 
for burning a j>oonu' quality of coal than could be successfully con- 
sunie<l in ordinary locomotive boilers. The saving resulting from 
being able to burn the refuse coal, of which enormous deposits 
exist throughout the mining regions, makes the so-called Wootten 
engiiir better adaj)t(Ml for the requirements of the Philadelphia 
and Heading IJailroad Comjjany's freight service than the ordi- 
nary coal-burning locomotive, but on passenger trains the 
Wootten engines do not burn fine coal. These engines, built to 
burn refuse coal, might have been made equally as efficient for 
that ])urpose, without incorporating in their construction any of 
the Wootten patents. 

Second. — The locomotive engines in use on the road are in 
about the same condition a.s thev are on other first-class rail- 
roads doing the same kind of traffic. 

Third. — The locomotive engines generally of the Philadelphia 
and Reading Railroad Company are not in as good condition as 

I SS I 



89 

the locomotives on first-class railroads doing largely a competing 
passenger business, but a few of them are equal to any in use in 
the country. 

Fourth. — ^The Car Shop at Reading is provided with all the 
facilities for building and repairing the passenger and freight 
cars of the Company. It is well arranged and all the tools are 
in good order. 

JRfth, — The Repair Shop for locomotives contains a great 
number of tools, including some that are too large and unsuit- 
able. One-half of these tools are of the best construction, one- 
quarter are moderately well made, the other one-quarter are all 
old tools, but all are in good order. A large quantity of extra 
pieces are ready to supply possible breakage of the engines, in- 
cluding truck and tender, axles and wheels, ties, and the smaller 
parts of the engines. A large number of the boilers used to 
supply steam to stationary engines are arranged to bum refuse 
coal. 

Siodh. — The Blacksmith and Boiler Shops are poorly arranged 
and located, but they are sufficient for immediate wants, although 
work must be done in them at a disadvantage as compared with 
the repair shop. 

Seventh. — The Forge Shop is in an unsuitable place ; it is pro- 
vided with steam helve-hammers of an old design, but well 
adapted for the kind of work required. 

Eighth, — The Re-heating Furnaces are of the usual construc- 
tion, and are in tolerably good order. 

Ninth. — The Hammer Shop is sufficient for the requirements 
of the Company. 

Tenth. — The Iron Foundry is large and well arranged, with 
modem cupolas and other appliances for making the castings of 
the Company economically. 

Eleventh. — Approved Plans are adopted for moulding, casting, 
and annealing car wheels. 

Twelfth. — The Brass Foundry is in one comer of the locomo- 
tive repair shop. This, and the tin and copper shops, are incon- 
veniently located. 

Thirteenth. — The Shops at Port Richmond and Pottsville are 
auxiliary general repair shops ; tools in fair order. 

Fovrteenth. — The Passenger, Mail, Baggage, and Express freight 



90 

cars are in fair condition, with a few passenger cars equal to 
any in the country. 

Fifteenth. — The Box, Cattle, Flat, and Gondola Freight Cars 
are in a moderately good condition. The variety of coal cars 
now in use by the Company, has been made up by retaining in 
service a number of each of the various kinds that have been in 
use on the road for the last thirty years ; they do not compare 
favorably, as a whole, with the coal cars on other first-class coal 
roads, though a very few of the most modern construction will 
compare favorably with the coal cars on other roads. 

Sixteenth. — The Mill for Rolling Wrought Iron Rails was first- 
class at the time it was built, and is now in good order. 

Seventeenth. — The Machinery for Discharging Coal out of the 
cars into vessels lying at the wharf at Port Richmond, is well 
planned and in good order. 

Eighteenth. — The Buildings and Machinery at the Company's 
yard, for constructing and repairing iron ships, have not been in 
use. The whole arrangement is obviously founded upon some 
very extensive plan, which, when completed, would afford facili- 
ties for the construction and repair of a large number of iron 
vessels, but additional machinery and tools must be provided 
before any ship work can be done. To properly and profitably 
employ this plant, it would be necessary to annually build iron 
ships having an aggregate capacity of at least twelve thousand 
tons. 

(Signed) F. E. SICKELS, 

Mechanwal Engineer. 



I respectfully report the following in regard to Mr. Wootten's 
patents : — 

The first patent granted to Mr. Wootten is dated July 13th, 
1875, No. 105,047.— The second patent is dated July 27th, 1875, 
No. 100,178.— The third patent is dated July 27th, 1875, No. 
100,171). 

These three patents arc for alleged improvements in car- 
springs ; they have all been assigned to other parties, the assign- 
ments being on record in the Patent Office. Springs made in 



91 

accordance with these patents are not in use on the Philadelphia 
and Reading Railroad. 

The next patent is for a re-issue, No. 7267, dated August 18th, 
1876. Application filed April 29th, 1876. This patent is for a 
process, and also for a certain arrangement of parts to burn fine 
coal. As fine coal can be burned successfully without the use of 
either the process, or combination of parts secured by this patent, 
it is therefore of little value, but the Company are secured from 
any claim for infringement of this patent by a properly executed 
license, signed by Mr. Wootten, and duly recorded in the Patent 
Office. A license is on file, granting the Philadelphia and Read- 
ing Coal and Iron Company the right to use this re-issued 
patent. 

The next three patents are as follows : — " Improvement in lo- 
comotives," dated July 3d, 1877, No. 192,725. " Improvements 
in grates," dated April 30th, 1878. No. 203,233. " Improvements 
in feed-water heaters for locomotives," dated May 7th, 1878, No. 
203,518. 

The patented improvements for locomotives and the patented 
improvements for grates are in use on about eighty-five engines 
belonging to the Company ; the patented improvement in feed- 
water heaters is in use on about thirty engines of the Company. 

I was informed by Mr. Wootten that a license was on file at the 
Patent Office, granting to the Philadelphia and Reading Railroad 
Company tlie right to use these three last-mentioned patents ; I 
was unable to find this license on record.* 

The use of Mr. Woottcn's improvements could not now be dis- 
pensed with on eighty-five engines of the Company without in- 
curring great expense in altering the engines, as they were con- 
structed with special reference to applying his improvements. 

(Signed) F, E. SICKELS, 

Mecltanicai Engineer. 



*■ NoTB.— This license Mr. Wootten intended to say was on file in the office of the Philadelphia 
and Reading Railroad Company, not at the Patent Office. 



GENERAL MANAGER'S STATEMENT AND 

EXPLANATIONS 

Of Mr. Frederick E. SickeTs Report on Condition of Equipment, 

Machinery, &c. 

Philadelphia and Reading Railroad Company, 

Franklin B.Oowen. GENERAL OfFICE, 227 SoUTH FoURTH STREET. 

*" * ReeSveis. PHILADELPHIA, November 2lBt, 1881. 



:... 1 



Messrs. Edwin M. Lewis, 

Franklin B. Gowen, V Receivers, 
Stephen A. Caldwell, j 

Dear Sirs : — The accompanying report of F. E. Sick els, Me- 
chanical Engineer, to Frank S. Bond, Esq., President, in relation 
to the rolling stock and machinery of the Philadelphia and 
Reading Railroad Company, having been handed me by George 
De B. Kcim, Esq., with a request that I submit to you my views 
thereupon, I respectfully present the foUowng ; and in order that 
reference mav be sr)ecificallv made to the several matters treated 
of, I have designated the paragraphs of the report numerically 
as marked in the margin, and desire to premise by stating my 
belief that if Mr. Sickels, whose professional capability and reli- 
able judgment are unquestioned, could have devoted more time 
to his examination, so that he might have been enabled to more 
fully observe and learn of the characteristics of some of the 
equipment referred to, there would have been but little for me 
to do in reviewing his report, otlier than to state my entire 
concurrence with his views. 

His time, however, was so far restricted as to disenable him 
from making a very painstaking examination, and I have there- 
fore to make such explanations as seem necessary to correct any 
wrong impressions which may arise from a perusal of the report 
presented. 

First. — The Company now own one hundred and four engines 
having the so-called Wootten boilers. 

(02' 



93 

Nineteen of these are for passenger service, and use prepared 
coal of regular marketable sizes for fuel, such fuel being pre- 
ferred for these engines because of its greater cleanliness than 
waste coal, although with the latter they are quite as efficient 
unless exceptionally high speed with heavy trains is required, in 
which case the use of waste coal is not desirable. They are not, 
however, as are the ordinary passenger locomotives, confined to 
the use of the best coals of larger sizes, but will perform their 
maximum work with any sized coal from stove to steamboat. 
This capability is of much importance to the Company, as it not 
unfrequently occurs that certain sizes of coal are produced in 
excess of the current demand, in which case the surplus coal is 
assigned to their use, and at this time they are using a special 
size of coal solely because it is dull of sale. With the ordinary 
passenger locomotive such usage is impracticable. 

The first of the passenger locomotives of the kind referred to 
went into service December, 1878, and used waste coal for nearly 
one year. The result of this trial was convincing ; that if for any 
reason the supply of prepared anthracite should be cut off, there 
need be no apprehension of the Company having to resort to the 
purchase of bituminous coal for locomotive fuel, as was the case 
during the long strike of 1874 in the anthracite region. 

As, however, the engines in question are notably economical 
of fiiel, using at least 15 per cent, less than those having the ordi- 
nary boiler, I have felt justified in supplying them with prepared 
coal, in view of its attendant advantages for passenger service. 

Eighty-five (85) of the one hundred and four (104) engines 
alluded to are engaged in coal and miscellaneous freight train 
service ; and although all of them are adapted to use waste coal, 
yet a sufficient quantity of that fuel has not, so far, been obtained 
to supply more than sixty-five (65) of them. These consume 
about seven thousand (7000) tons per month, and two thousand 
(2000) tons per month additional could be used in the remaining 
twenty engines if it were supplied. 

As to the economy resulting from the use of the waste-burning 
locomotives, I beg leave to present the following comparative 
statement, showing total cost of fuel during the six months from 
May to October of the current year and that of the corresponding 



94 

period of the preceding year. These periods are taken for com- 
parison because the delivery of thirty new locomotives built for 
the Company at the Baldwin Locomotive Works was made 
between March 25th and August 11th of the present year, and 
of these locomotives an average of twenty-two performed daily 
service during the six months specified : — 



Total Coal and 
MerchandlBe 
Transported. 

Tons. 



Total Coal used 
for Fuel. 

I Tons. 



Total Cost of 
Fuel. 



Coat of Fuel 

per ton 
Transported. 



For six months ending 
October Slst, 1880, 



For six months ending 
October Slst, 1881, 



7,133,051 , 192,977 



$443,847 10 



6,Wj 



8,656,446 



217,425 . $455,295 35 i b^ 



Difference f^, equal to 15^ per cent. 

If the twenty locomotives, which are as yet unsupplied with the 
waste coal, could have been furnished with it as needed, there 
would have been a corresponding additional economy equivalent 
to a reduction of nearly four thousand dollars ($4000) j>er month 
in cost of fuel. 

Second. — I entirely agree with Mr. Sickels in this. 

Third. — This paragraph, which refers especially to passenger 
locomotives, is explained by stating that many of that class of 
engines belonging to the Company were acquired by lease of 
other lines upon which they were employed ; many of them are 
old and not of a pattern to be perpetuated, and consequently 
present an unfavorable appearance when contrasted with the 
present standard locomotive. Their condition is, however, as 
well maintained as their character warrants. 

Fourth. — Is precisely as stated. 

Fifth. — Requires only the explanation that the large tools 
referred to were procured for the construction of the engines of 
the steam colliers "Berks" and "Reading," and although not 
frequently used in the construction or repairs of locomotive 
machinery, yet are of much service in case of repairs or renewals 



95 

of the machinery of the Company's steam colliers or for the heavy 
machinery of the inclined planes. 

Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, 
Fowrieenth. — The several matters referred to in these paragraphs 
are substantially as stated. 

MfteerUh, — The qualification expressed in relation to the condi- 
tion of the general merchandise cars is doubtless due to the fact 
that many of them were obtained from the companies whose 
lines were leased by this Company, and which when mingled 
present a heterogeneous appearance that is apt to create an un- 
favorable impression ; these, however, as well as the antiquated 
coal cars referred to, some of which have been in use for nearly 
forty years, are in generally good serviceable condition, as is evi- 
denced by the traffic which they are carrying. 

Sixteenth and Seventeenth, — Need no comment. 

Eighteenth, — As my experience has not been of a kind to enable 
me to pass upon the point involved in this paragraph, I prefer 
to say nothing in reference to it. 

Very Respectfully, Yours, 

(Signed) J. E. WOOTTEN, 

OenercU Manciger. 



SUPPLEMENTAL STATEMENT OF QENEBAL 

MANAGER. 



E M Lewis Philadelphia and Reading Railroad Company 

f-?.Gowen. GENERAL OfFICE, 227 SoUTU FoURTH StREET, 

8. A. Caldwell, »^ ^, , , 

JUeeiven. PHILADELPHIA, November 29th, 1881. 



Geo. de B. Keim, Esq., Philadelphia, 

Dear Sir : — Replying to the several questions in your letter of 
22d inst., I beg leave to state : — 

Mrst — That the so-called Wootten boiler is not in use at any 
of the collieries of the Coal and Iron Company, but another de- 
vice, originating with myself, has been applied to 109 boilers, 
which enables them to use wliat is known as coal dirt for fuel. 
This material is taken directly from the waste heaps, and is used 
without washing or preparation of any kind. About 32,000 tons 
of it have been used during the present year for generating steam 
at the Coal and Iron Company's collieries. There has, however, 
been no saving resulting from any less cost of fuel by the use of 
the coal dirt, as at all of the mines there is a large accumulation of 
coal with slate adhering to it in such quantities as to be unsalable, 
and much of this can be used for steam boilers when there is an 
opportunity for selecting the best of it. 

The saving effected by the use of the coal-dirt-burning device 
results chiefly from the less destructive action of that fuel upon 
the furnace and boiler seatings, and also from the reduced cost 
of handling and delivering the coal dirt to the furnace door. 

This information I have from Chief Engineer Whiting, of the 
Coal and Iron Company. 

Second. — The use of the boiler on locomotives does not require 
the employment of any additional men on the engine, although 
the coal-train locomotives having them, by reason of their suj>e- 
rior power, haul thirty per cent, heavier loads than those of the 



97 

previous standard engaged in coal-train service. On the locomo- 
tives hauling the fastest passenger trains between Philadelphia 
and Bound Brook an additional man goes in the capacity of fur- 
nace-door opener, an operation which facilitates rapid firing ; this 
man then assists in cleaning the engine at Bound Brook, and re- 
turns with it to Philadelphia. These exceptions are the only 
ones. 

Third. — The weight of the locomotives having these boilers, 
and working on the heavy grades in the coal region, and in the 
Elizabeth port coal trade, is forty-six and three-tenths tons. Those 
in the main line coal trade is forty-five and five-tenths tons, and 
engines of same class, having ordinary boilers in use on Pennsyl- 
vania Railroad, weigh forty-three and seven-tenths tons. Either 
of these engines have steaming capacity sufficient to utilize the 
adhesion due to their respective weights, and their power is 
therefore in direct proportion to their respective weights, 

Respectfully Yours, 

(Signed) J. E. WOOTTEN, 

Oeneral Manougefr. 



CHIEF ENGINEER'S STATEMENT AND 

EXPLANATIONS 

Of Mr. T. E, SickeTs Report on Condition of Roadway and Structures, 
„ „ , . Philadelphia and Reading Railroad CoMPAm', 

E. M. Lewis, 

P. B. Oowen, GENERAL OFFICE, 227 SoUTH FOURTH STREET, 

Reetiven. PHILADELPHIA, November 25tb, 1881. 

Messrs. E. M. Lewis, ^ 

F. B. GowEN, y Receivers, 
S. A. Caldwell, J 

Gentlemen : — I beg to acknowledge the receipt of your favor of 
November 19th, enclosing a report from T. E. Sickels, Esq., Civil 
Engineer, about the condition of the Reading Railroad, and di- 
recting me to express my views. 

The report appears to bo merely a memorandum made by two 
persons, whose names are not given, but whose competency is 
vouched for by Mr. Sickels, and to be the result of casual obser- 
vations, and not entitled to much weight. 

The memoranda arc of sueli a general character as to make it 
impossible to criticise them. When the report speaks about the 
road requiring ties, it must be observed, that during the whole 
season, ties are phaced in the road in the stead of those not longer 
fit for duty, and this work is going on constantly. The absence 
of men from the track apparent to a casual observer could be 
easily explained by one familiar with the working of the road, 
but as these gentlemen had no guide with them they naturally 
fell into the error of assuming that the road could be kept into 
its good condition without the aid of men. Some railroads 
organize large gangs of men to work on a large section of road. 
In this way the number of men become conspicuous to the trav- 
eler. This method has been given up by us as faulty. We have 
but short sections of one and one-half miles each, and work two, 
three or four men on this section according to the number of 
tracks to be kept up. Every morning when the men go to work on 

(08) 



99 

their section, the boss, with pick and wrench goes over his section 
to see whether any injury has been done during the night, and 
to fix upon those points requiring the attention of his men. It 
will be seen in this way, that every morning, soon after working 
hours begin, eighteen hundred miles of track have been ex- 
amined. 

The most approved switches and frogs have been introduced 
in our tracks to a very great extent, and their number is con- 
stantly being increased, as the wants require them. The cast 
iron frogs, steel plated, but without " pockets at the ends" a device 
long since abolished, are chiefly used in sidings where they 
answer their purpose very well. 

The road-bed of the main line and its branches, is in very good 
order ; furnace cinder being chiefly used as ballast, a material 
far superior to ordinary broken stone, and the bedding of the 
sills is kept in good condition. 

What is said in the report about the use of steel rail in pre- 
ference to iron rail is very true and well recognized for roads 
doing a heavy traffic, and I earnestly endorse the policy of their 
introduction. That we have not been idle in this respect is shown 
by the fact that during the year 1881 we have placed in main 
track nine hundred and severty-two tons of steel rail, and on all 
roads together seventeen hundred and forty tons. Neglect in 
filling the requisitions for railroad iron at the proper time has 
placed some portions of our roads in a rather rough condition. 
Serious remonstrances have had the eflect, that rails are sent at a 
faster rate, and relaying is being done constantly. 

Many of the depots are in poor condition and should be rebuilt 
to better suit the increase in travel. I am glad to say that a good 
beginning in this direction has been made, and if continued will 
make better appearances. 

The proposition to rebuild the blacksmith shop and hammer 
shop at Reading has been agitated for some years, and as soon as 
this is accomplished, all the shops of the Company will be in ex- 
cellent order. 

The ship yard at Richmond has been somewhat despoiled of 
its machinery by utilizing them at Reading and Pottsville, and 
by restoring the original number of tools, and the addition of a 
blacksmith shop, and a pair of heavy shears, together with proper 



100 

outfit for joiner shop, the whole of which will cost $52,000, the 
yard will be considered the best and most extensive in this 
country. 

About the engines and rolling stock of the road, I have little 
to say. They are generally in good condition but better informa- 
tion can be given you by Mr. Wootten, General Manager. 

Yours Very Truly, 

(Signed) W. LORENZ, 

Chief Engineer, 



101 

TABLE A. 
Stocks and Bonds owned by the Philadelphia and Reading Railroad 

Company, November 30th, 1881. 

Par Value. 



Eut Pennsylvania Railroad Company's stock 81,136,350 00 

East Mahanoy Railroad Company's stm'k i 248,100 00 

Mine Ilili and Schuylkill Haven Railroad Compauv's stock 367,950 00 

Mill Creek and Mine Hill Navigation and Railroail Company's stock 48,175 00 

Schuylkill Vall»^y Navigation and Railroad Company's stock 62,300 00 

Mt. Carl)on and Fort Carbon R.^ilroad Company's stock ' 38,800 00 

East Mahanoy Railroad Company's stock ' 900 00 

Swedes Ford Bridge Company's stock 9,000 00 

Stouts Ferry Bridge Company's stock 1,750 00 

Black Rock Bridge Company's stock 1,000 00 

Srhuylkill Navigation Company's common stock 6,950 00 

Ch«»ter Valley Railroad Company's bonds ; 235,100 00 

Readinff and t-olumbia Railroad Company's bonds, second mortgage j 37,000 00 

Perkiomen Railroad Company's bonds, first mortgage 135,800 00 

*• freight l>ond!« 50,300 00 

CoIebro<ikda1e Railroad Company's ireight bonds I 57,300 00 

Schuylkill Navigation Company's loan, 1876-95 1 2,000 00 

^' •• •* 1872-97 959 42 

" " " •' 1882-1907 \ 8,200 00 

CatawLwa Railroad Company's debenture bonds 62,000 00 

Philadelphia, Rcmling and l*ottsvillc Telegraph Company's bonds 200,000 00 

Phila. and Reading Coal and Iron Company's 1874-84 West Point bonds 75,000 00 

Locustdalt* Coal Company's bonds 156,000 00 

Bond and Mortgage Mary I>. I^wis and D. McKenzie 279 69 

Phcenix Iron Company's first mortgage bonds 530,000 00 

Ringgidd Iron and Coal Company's bonds ; 39,000 00 

Monocacy Furnace Company's bonds j 75,000 00 

East Penn Imn Company's ftonds j 4,000 00 

CatawlNHa Railroad Company's chattel mortgage lK)nds 24,000 00 

Tide-water Pipe Company's'limittd bonds 200,000 00 

James K. Gowen's bonds snd mortgage 7,543 33 

Colehrookdale Railroad Company's stork 281,500 00 

Reading and Columbia Railroad Company's stock 785,800 00 

AUeutown Railroad Company's stock 1,076,400 00 

Susquehanna Canal Company's stock I 600,000 00 

Moiteleni Railroad Company's stock 31,250 00 

Philadelphia and North Branch Railroad Company's stock 20,0(K) 00 

Chester \* alley Railnod Company's sto<-k 471,900 00 

Union Canal Company's prefern-d bonds 120,850 00 

Porkiomen Railroad Company's stock 160 00 

Pickering Valley Railroad Company's stock 61,750 00 

Chester Valley aod Delaware River Railroad Company's stock 89,500 00 

Germautown Transfer ('ompany's sl<K'k ' 2,000 00 

North-east Pennsvlvania Railroad Company's stock 52,400 00 

Mansion House Hotel Company's stock, Mauch Chunk 5,000 00 

Korristown Junction Railroad Company's htock 37,500 00 

People's ICailway Conii»any'i» stock ! 133,150 00 

Union Canal Coa»i»any's bonds ' 1,870,600 00 

Berks County Railroad Company's bonds ' 148,580 00 

Chester and Delaware River Railroad Company's bonds 2iH),131 84 

Harrlsburg and Potomac R^iilroad Company's bonds 505,300 00 

Schuvlkill and Lehigh Railroad Company's bonds 264,(N)0 00 

Harrinburg and Millerstown Turnpike Company's stock 10,425 00 

Juuftion Railroad Company's stock 86,200 00 

Oley Turnpike (.ompany's stock 1,000 00 

DouglaHvilh' and Yellow House Turnpike Company's stock i 1,000 00 

Phila^lt-lphla, R<'adingand Pottsville Telegraph Company's stock 18,950 00 

Permanent Exhibition Company's stock 114,000 00 

Huntingdon and Broad Top Mountain Railroad Comiwny's stock 100 00 

Manavunk and Roxt)orough In«*lined Plane Rjiilroad Company's stock 2,500 00 

Tide Wat«r PiiM' (Company, Iimite<l st<M'k ! 12,000 00 

Huntinplon and Broad Top Mountain Railroad Company's lionds 6,000 00 

Mansion House Hotel Company's Imnds 7,00(> 00 

Mou'icacy Furnace Company's* l)onds 30,000 00 

Reading and Columbia Railroad Company's delienture bonds 1,000,000 00 

Tide Water Pipe Company, limited, wrti&cates 113.000 00 

Schuylkill and Sus(|uehanna Railroad Company's scrip \ 165 SI 

Interest in Floating Klevator As.'^rK-iaiion 1,500 00 

Total 812,'AVv177 96 



102 



TABLE B. 



Stocks, Bonds, and Loans ovmed by the Philadelphia and Reading 
Coal and Iron Company, November SOth, 1881, 



Tremont Coal Company's stocks 

Preston Coal and Improvement Company's stock 

Mammoth Vein Coal and Iron Company's stock 

Locost Gap Improvement Company's stock 

Falton Coal Company's stock 

Delaware Coal Company's stock 

Montour Iron and Steel Company's stock 

Preston Coal and Improvement Company's mortgage bonds 

Mammoth Vein Coal and Iron Company's bonds 

Tremont Coal Company's loan. 

Preston C^al and improvement Company's loan 

Mammoth Vein Coal and Iron Company^s loan 

Delaware Coal Company's loan 

Tremont Coal Company's loan (receiver's account} 

Mammoth Vein Coal and Iron Co'opany's sinking fund (receiver's account) 

Delaware Coal Company's loan (receiver's account.) 

Montour Iron and Steel Company's loan (receivers account) 

McKeal Coal and Iron Company's bonds 

East Pennsylvania Iron Company's bonds 

James LAnigan's bonds 

'• loan 

" coupons 

Z. P. Boyer's loan account 

Ringgola Iron and Coal Company's coupons , 

Schuylkill Iron Company's loan 

Mill Creek Iron Company's loan 

Keystone Furnace Company's loan 

Beading Ironworks' loan 

Katstown Iron Company's coupons 

EMt Pennsylvania Iron Company's couponn 

But Pennsylvania Iron Furnace loan 

Bechtelsville Iron Company's coupons 

" " " loan 

Bmans Iron Company's coupons 

" " '^ loan 

" " '• assignees , 

C H. Minson and O. O. Bowman , 

Hematite Iron Company 

EmauB Iron Company's furnace purchase , 

" " " dower right , 

DKDTille Iron Company's coupons 

Hambargh Rolling Mill 

Wynkoop Brothers 

Btanhope Furnace material 

Mlllerstown Iron Company 



Par Value. 


83.000,000 00 


3,000,000 00 


690,000 00 


' 600,000 00 


300,000 00 


' 117.900 00 


112,550 00 


1,200,000 00 


300,000 00 


495,299 88 


166,902 79 


66.367 93 


4,898 54 


11.580 10 


3,130 59 


7,690 18 


1,200 00 


198 900 00 


9,974 21 


350,000 00 


13,500 00 


52,500 00 


5,748 67 


11,130 00 


19,243 62 


924 S6 


10.000 00 


1,873 54 


18,270 00 


9,600 00 


45,000 00 


10,440 00 


532 99 


17,899 87 


1,278 31 


195 21 


11, (KH) 00 


4,439 99 


98,781 74 


423 78 


6,S60 00 


11,824 93 


68r, 03 


3.602 47 


4,551 68 



Total $11,055,746 06 



103 



TABLE 0. 



Obligations that can not be retired except wnder the working of their 

several sinking funds. 



Amount. 



124,192,100 00 

8,021,000 00 

496,900 00 

701,306 67 

529,195 00 



Preaeot Fixed 
Charges. 



Consolidated and underlying mortgages ' 11,586,860 00 

Improvement mortgage » Bji 481,260 00 

East Pennsylvania Kaiiroad Company's bonds, due 1888 34,718 00 

Real estate mortgages 47,207 00 

Bondn and mortgages on real estste, leased lines 30,000 00 



f2,179/M0 00 



X 



TABLE D. 



Purchase Money Obligations of the Coal and Iron Company, 



Amount, i 



812,479,000 OOi Purchase-money mortgages Coal and Iron Co. 
156,000 OOlLocustdaleCoal Co 



$12,635,000 00 



Present Fixed 
Charges. 



1870,880,00 
10,920,00 



1881.750 00 



TABLE E. 



Obligations to be paid from proceeds of sale of 4 J per cent, bonds. 



Amount. 



Present 

Fixed 

Charges. 



«rcJ^t. S*^lng. 



per cent. 



$19,686,000 00 General mortgage bonds 

1,748,100 00 General mortgage scrip 

2,4M,000 00 Income mortgage bonds 

100,990 00 Pcrklomen $ or £ scrip 

8,868,1*28 11 Floating debt, Railroad Co., soc'd by collaterals 6 i 

776,882 67 " " Coal and Iron Co., •' " " 

1,876,920 86 '* " Railroad Company (Rec'rs obligations). 

796.746 01 " • Coal and Iron Co. " " 

1,!U3,000 00 Improvement mortgage bonds that can be paid under 

sinking fund „ 6]( 

1,898,176 27 Bonds and mortgages on real estate 



81,181,160 

104,886. 

171,730 

6.053 

532,088 

46,613 

112,615 

47,805 

80,580 
113,8901 



1886.070, 

78,664i 

110,4301 

4,540: 

399,0661 

84,960 

74,461 

85,853 

60,435 
85,418 



9295,090 
26,222 
61,800 
1,513 
133,022 
11,608 
88,164 
11,902 

20.140 
28,473 



$2,897,420; fl,769,897i 1627,028 



104 



TABLE P. 



Obligations to be purchased with 3 per cent, bonds. 



Amount. 



$1,124,900 OO'Debenture loan 6 ^ 

148,800 00- " *• 6- 

28,000 00 ConTcrtible " 7 " 

10,499,900 00 " " 7 " 

1,728,000 00 
1,748,565 58 
952,883 78 



Debenture bonds Coal and Iron Co... 

Floating debt Railroad Co., unsecured... 6 

" " Coal A Iron Co., " ...6" 

3,310,.'$69 lOiDebenture guarantee & fractional scrip 6 " 



119,541,018 46 



Present Fixed At « ni»r fl«nt 
Charges. '^^ ' ^^ **°* 



7" 

ct 



167,494 00 

8,929 OO 

1,96U UO 

734,993 00 

120,960 00 

104,914 00 

57,173 00 

198,634 00 



$1,295,057 00 



$33,747 00 

4,464 00 

840 00 

314,997 00 

61.840 00 

52,457 00 

28,586 00 

99,317 00 



Saving. 



S33.747 00 

4.465 00 

1,120 00 

419,996 00 

69,120 00 

02,457 00 

28,087 00 

99,317 CO 



$586,248 00 $708,808 00 



tabu; g. 

Schuylkill Navigation Covipani/s obligations. Interest to be reduced 

to correspond with reduced rental. 



AMOUirr. Lease Dated January 12th, 1870. ^^cSma^^ 

$850,136 00 Schuylkill NaTigation Company's common stock ) •nAOiA «k 

8,200,9.^) 00 •* ^ ^' preferred " / «116,840 » 

1,200,000 00 " " '• Loan due 1895 ff 72,000 00 

iryCy^aRQ 00 " " " " 1913 6 " 4.1,390 00 

621,6«K) 00 " " " " 19ir) 6 " 37,296 00 

1,709,:«0 00 " " " •• 1897 6 " 102,562 80 

3,990.393 00 " " " " 1907 6 " 239,423 58 

7,798 00 " " " " 1S95 6 " 467 88 

228,000 00 " •• •• •• 1880 6 " 13,680 00 

812,573,907 00 , $627,669 81 



The loss from this property since date of the lease is 
$1,929,128.28, an average yearly loss of $175,375.30. 

TABLE H. 

Susquehanna Canal Company^s obligations. Interest to be reduced 

to correspond mith reduced rental. 



Amount. Leask Dated January 2d, 1872, 

$2,202,746 00 Susquehanna Canal Comininy's 8tock 

825,310 58 " •' '' first mortgage bonds, 1894 6 i 

1,000,0(M> 00 " " " second •' " 1885 6" 

1,823,0(»0 00 " " •• loan due 1918 6 '* 

260,000 00 " " " " " 1902 6 " 

$5,101,056 TiS 



Pn {^nt Fixed 
Charges. 

$69,590 01 
19,518 63 
60,000 00 
79,38i» 00 
15,000 00 

$24;{,488 64 



The loss from this property since date of the lease is 
$1,859,962.91, an average yearly loss of $185,996.29. 



105 



TABLE I. 

Bonds of short rocids and of coal and iron companies^ guaranteed 
by Fhiladelphia & Reading Railroad Company, 



Amount. 



Earned on Present Fixed 
Account, 1880. Charges. 



1600,000 00 

XK>,300 00 

1,8M,600 00 

SIO.UOO 00 

700,000 00 

40,000 00 

I'J.OOO 00 

24,500 00 

79,001) UO 

39,000 00 

52,000 OU 

518.000 OU 

48,000 00 

75,000 00 

949,000 00 

100,000 00 

58,000 00 

l.i0,000 00 



85,981,400 00 



Colebrookdalc Railroad Company 

Pickering Valley Kailroad Company 

Perkiomen Railroad Company 

I.ancaHter and Reading liailroad Company 

Philadelpliia, Newtown and New York Railroad Co. 

Norristown Juuctiou Itailroad Company 

Sctiu vlkill Iron Company 

Hamburgh Iron Company 

Ringgold Iron and Coal (onipany 

Danville Iron Company , 

Kutztown Iron Company 

Seyfert, McManes A Co 

Eaut Pennsylvania Iron Company 

Monocacy Furnace Company 

Phcenix Iron Company 

August Schwartz , 

Rechtclsville Iron Company 

Mammoth Vein Coal and Iron Company , 



816,020 53 

5,107 85 

115,476 00 

21,700 00 



840 00 
l,7ir) 00 
5,530 00 



3,640 00 
81,080 00 



4,500 00 

56,940 00 

6,000 00 

3,4«0 00 

12,000 00 



$36,000 00 

23,261 00 

115,476 00 

21,700 00 

42.C00 00 

2,800 00 
840 

1,715 

5,530 

2 730 

3,640 00 
31,080 00 

2,880 00 

4,500 00 
56,940 00 

6,000 00 

3,480 00 
12,000 00 



00 
00 
00 
00 



$284,119 38 $372,572 00 



Deficit, $88,453, for year ending November 30th, 1880. 



100 



TABLE K. 

PhUaddphia and Reading BaUroad Company Leased Properties and 

Rentals, 



Amount. 



$1,022,500 

282,350 

32^i375 

576.090 

2,646,100 

456,000 

392,550 

l,709,6riO 

2,246,000 

120,6.'K) 
4,339,750 

1,930.500 
1,50U,(N)0 
2,56U.5(N) 
17,000 
1,142,224 
1,581,40U 

1,.">00,«)0<| 
20D,G(M> 

1,2«»'*.S84 
871, WW 
.•WO.OiK) 

l,'25«.y«Nl 

L>i»7.2I.-. 

6<M),(KK) 

72 mrt 

9.',6'V» 

.">32,;iiM) 

:ii:{..HUl 

S33,26S,139 
1,156.302 



00 
OO 
00. 
00 
001 

ool 
ooj 
ool 

00 

00 
00 

00 
00 
00 
OO 

w 

0(1 

(>0 
(¥» 
(M) 
UO 
00 
00 
00 
(K) 
(N) 
Wt 
W) 



M. Hill A Schuv'l Ilavcu R. R. Co. stock 

Mt. Carbon A iH. Carbon R. R. Co. stock 12 

Mill C. A M. mil Nav. A R. R. Co. stock 10 

dchuyl. Valley Nar. A R. R. Co. stock 5, 

Little Schuylkill R.R. Co stock 

" ** flntinort.bontb due 1882 

East Mahanoy R. R Co. stock 

KaHt PennsvlvaniaR. R. Co. stock 6. 

riilla., (ier.'A Norrlst'n R. R. Co. stock 12 

(Average net earnings during 5 years, $:{53,190.) 

Chestnut Hill R. R. Co. stock 

North Penna. R. R. Co. stock 

(Not earnings in 18>U). 9746,944.) 
North Penna. R. R. Co. Ist mtg. bds. 1885 

" « " 2d " 1890 

•• " " gen'l " 1903 

•* " " Inoome " 1887 

" " " floating debt 

Delaware A B'd Brook R. R. Co. htock 

(Net eurnings in l^rtO, 5261.7W.) 

D«-lavrare A B'd Brook U. 11. Co. uiort. homls due 1905 

Delaware A B'd Brook l\. K. To. floating debt 

.\llcntown It. H. To. slock (M) per ci*nt. of n-iKjipts) 

Chest»»r Vallev R. K. Co. stoi-k (45 pur cent, of recfipto) 

J'lioster Valh'v R. li. Co. bt^ndsdue 1S72 „ 

" " ' " floating d<*bt 

Colcbmokd.ilc R. R. Co. Htoi'-k (30 i)ercout. of receipts) 

Colebrookdale H. U. Co. bonds duo 189S 

" ■* floating debt 

Pickering Valley K. K. <'o. stock (:^0 pijrcvnt. of receipt.^). 
Pirkcring Valley R. R. Co. bond** due 



«7 Pickering Valley K. R. Co. floating debt. 



1900. 



8^ 
.8" 
,2" 
1" 

"\ 

3" 

1 

7" 
7" 
6" 

-A 



Prcaent Fixed 
Charge*. 



f321,800 00 
36,250 00 
36.233 75 
30,832 50 

213,280 00 

109,0h5 68 

291,104 74 

17,201 90 

805,213 71 



41*1 Rentals unpaid accrued to June Ist, 1881. 



S3l,424,.-i02 13 

495,9()0 OOtliLM PiMinsvlvania R. R. Co 

12..'i73,9<>7 0<»Si-huyIkill Navigation Co 

.^loi.tritt TiS SuKqui'Iiiinna Canal Co 

6,161,>0(i rMiCatairi?u<a K. R. Co 



$r)7,fio«),H."):i 2.'i 



218,454 17 

5,053 76 

19,344 03 

16,020 .>3 

5,197 85 
$2,155,052 57 

82,155,^2 57 

34,713 00 
627,669 81 
243,488 64 
S6.'>.2S5 00 

${.426,159 02 



107 

TABLE L. 

Railroads in cliarge of Roadway Department^ November SOth, 1880. 



NAME OF ROAD. 



single Double ! Length ^^Jij^" : 



Track. I Track. ofBoad. 



and j; Total. 
Laterals 



Main Line, Philadelphia and Reading Railroad, j 

Northern Liberties and Penn Township Branch 

Port Kennedy Branch I 1.2 

Lebanon Valley Branch 9.2 

Lebanon and Tremont Branch 42.2 

Schajiklll and Susquehanna Branch l 53.4 

Mount Carbon Branch 8.5 

Mahanoj and Shamokin Branch ' 53.8 

Moeelem Branch 1.7 

West Reading Branch 1.9 



I 



98.4 
1.4 



10.8 ' 



I 



98.4 

1.4 

1.2 

53.7 

42.2 

53.4 

8.5 

64.6 

1.7 

1.9 



151.7 

2.1 

.1 

25.3 

26.4 

8.9 

9.5 

69.9 

.7 

.9 



348 JS 

4.9 

1.3 

123.5 

67.6 

62.3 

18.0 

145.3 

2.4 

2.8 



Total roads owned 171.9 



155.1 



327.0 294.5 



Chester Valley Railroad • 

Colebrookdalo Railroad • 

Pickering Valley Railroad • 

East I*ennsylran{a Railroad* 

Allentown Railroad* 

LltUe Schuylkill Railroad 

Mine Hill Railroad 

Mount Carbon and Port Carbon Hailruad 

Mill Creek Railroad 

Schuylkill Valley Railroad 

Esst Mahanoy Railroml* 

Philadelphia, Gemiantown and NorrL«town Railroad. 

Catawissa Railrouii 

Philadelphia and (lieHter Branch • , 

North Pennsylvania Railroad , 

Delaware and Round Brook Railroad 

Norristown Junction Railroad • 



21.5 
12.8 
11.0 
17.7 
4.5 
28.1 
31.3 



5.7 
10.7 
13.5 
93.0 

9.2 
39.6 

3.7 



18.3 



21.8 
2.5 
;j.8 
5.3 

20.2 

"ash 

46.K 

27.0 

.4 



21.5 
12.8 
11.0 
36.0 
4.5 
28.1 
M.l 
2.5 
3.8 
11.0 
10.7 
3.1.7 
93.0 
14.1 
86.4 

:jo.7 

.4 



1.8 

2.1 

1.0 

16.6 

.3 

23.8 

67.3 

13.4 

17.6 

11.1 

4.5 

21.8 

24.6 

2.9 

36.7 

7.8 

.1 



776.6 



23.S 
14.0 
12.0 
70.9 
4.8 
51.9 

132.2 
18.4 
25.2 
27.4 
15.2 
75.7 

117.6 
21.9 

169.9 

66 JS 

.9 



Total roads leasied .T02.3 



151.0 453.3 243.4 



847.7 



Beading and Columbia Railnmd *.... 

Lebanon Branch, R. A C. R. K 

Quarry V 11 Ic Branch, R. <l C. K. R 

North I-:ast Pennsylvania Railroad *. 



39.5 
1.6 

15.3 
9.6 



Total roads controlled 66.0 



39.5 
1.6 

15.3 
9.6 



66.0 



16.4 I 

lis I 
.6 • 



18.8 



66.9 

1.6 

16.6 

10.2 



&4.8 



RECAPITrLATION. 



Single Double length ^*^}jy" T«t«l 
Trabk. Track, of Road. , V^±,^ ^otal 



Laterals 



Roaiis owned 171.*) 

Roads leased 302.3 

Boads controlled 06.0 

Total 540.2 



IS-M 327.0 
151.0 , 453.S 
I 66.0 



306.1 



294.5 776.6 

243.4 847.7 

18.3 »4.3 



M6.8 556.2 1,706.6 



* The Philadelphia and Heading Itailroad Company owns a controlling interest in the stock of 
these roads. 



108 



TABLE M. 

The Philadelphia and Reading Railroad Company owns a 
controlling interest in the following companies : 

People's Railway Company. 

Harrisburg and Potomac Railroad Company. 

Jersey Shore and Pine Creek Railroad Company. 

Philadelphia, Reading and Pottsville Telegraph Company. 

Philadelphia and Reading Coal and Iron Company. 

The Philadelphia and Reading Coal and Iron Comi)any owns 
a controlling interest in the following companies: — 

Fulton Coal Company, 1,0<)S Acres 

Locust Gap Improvement Company, 1,988 " 

Preston Coal and Imi)rovement Company, 2,346 " 

Mammoth Vein Coal and Improvement Company, 1,031 *' 

Delaware Coal ('ompany, I,2n8 " 

Tremont Coal Company, 4,500 '* 

Montour Iron and Coal Company. 



109 



TABLE N. 

Pamaces, Rolling Mills, and other Iron Manufacturing Establish- 
m^mts owned and controlled by the Philadelphia and Reading 
Coal and Iron Company. 

Blast Furnaces. 



Kutztown Furnace, 

East Pennsylvania Furnace, 

Bechtelsville Furnace 

Powhatan Furnace, 

Ringgold Furnace, 

Port Carbon Furnace 

Emaus Furnace, 

Swede Furnace, . 

St. Clair Furnace, 

Minersville Furnace, 

Montour Furnace,* 



1 stack, at Kutztown, Pa. 

2 " " 
1 
1 
1 
1 
1 
2 
1 
1 
2 



Lyons, Pa. 
Bechtelsville, Pa. 
Richmond, Va. 
Ringgold, Pa. 
" Port Carbon, Pa. 
Emaus, Pa. 
Swedeland, Pa. 
St. Clair, Pa. 
Minersville, Pa. 
Danville, Pa. 



u 



u 



u 



it 



tt 



(i 



a 



Rail Mills. 



R. and R. Railroad Company's Mill, 
Montour Iron and Steel Company's Mill,* 



at Reading, Pa. 
" Danville, Pa. 



Iron Manufacturing Establishments. 



Port Carbon Works, 
Ringgold Forge, 
Fulton Mill, 
Hamburg Mill, . 



at Port Carbon, Pa. 

Ringgold, Pa. 
" Norristown,Pa. 

Hamburg, Pa. 



« 



« 



* This is a separate corporation and the earnings do not appear with those of the Railroad or 
Coal and Iron Companies, it is controlled by ownership of a minority of its capital stock. 



BEOEIVEBS' REPORT 

Of ths Philadelphia and Reading Railroad Company and the 
Philadelphia and Reading Coal and Iron Company for the year 
ending November 30th, 1881, 

Preserving the continuity of annual reports of the CJompany 
during the period of the Receivership, the Receivers present for 
the information of the shareholders and bondholders of the 
Philadelphia and Reading Railroad Company, and of the bond- 
holders of the Philadelphia and Reading Coal and Iron Com- 
pany, the following report of the operations of both Companies 
under their management for the fiscal year ending November 
30th, 1881. 

The joint balance-sheets of both Companies, showing the actual 
condition of the Companies and the Receiverships united, will be 
found annexed to this report. Following the rule adopted in 
last year's report of the Receivers, the rentals of leased lines are 
not included in working expenses. 

The following table, corresponding in form with that printed 
for the first time hist year, shows the result of the operations of 
the year under the Receivership, together with a comparison of 
the operations for the previous year. 



(110) 



in 



Increase 

in 

Net income. 




1 1 

a 

S 

a 

sin 

O 


: : 



I -? 






eocDoo 

•« Ch tfk « 



? ° I S 8> 
Sm ■ S a 

SSf H O S 



— Ha ••A 

**— a a 



^?2S" 



g 

<! • 

S s 



-s 




^ .» Pi wi 

Ok Ok 9k t^ 

958'- 



i^^ = 8-S 






e".s 



a B 2. 

gaiiSg 



. ftis^ols^ 


ToUl 
log 

Total 
ing 



112 

In the above table full rentals and full interest on all obliga- 
tions of the Company are charged, irrespective of whether the 
same were actually paid by the Receivers or not, leaving out of 
all question any profit which has resulted, or may result, from 
the fact that certain interest of the Philadelphia and Reading 
Coal and Iron Company has been purchased by the Receivers at 
less than its par value. 

Fuller details of the transportation and income accounts of 
the Railroad Company and of the income account of the Coal 
and Iron Company, in comparison with the same accounts for 
the preceding year, will be found in the appendix. 

There is but little to report as to the condition of the various 
leased lines under the Receivership. The Catawissa branch 
shows an increase of earnings of $71,943.28. The Germantown 
and Norristown Branch shows a decrease of earnings of $31,588.55. 
The North Pennsylvania branch shows a profit over all rentals 
and expenses for the year of $58,920.83, as against a loss for the 
previous year of $13,269.85, making a gain for the year of $72,- 
100.66. The Delaware and Bound Brook branch shows a profit 
for the year of $83,348,13, as against a profit for the previous year 
of $31,309.93, making an increase for the year of $52,038.20 ; or 
taking the two branches, the North Pennsylvania and Delaware 
and Bound Brook together, the joint operations for the year show 
a united profit over and above all rentals and expenses of $142,- 
268.90, as against a profit for the previous year of $18,040.08, 
making an increase for the year of $124,228.88. 

The accounts of these branch lines are kept, as they have been 
in the past, upon a strict pro rata of receipts, and the result does 
not properly sliow their value to the Conii)any, and notably in 
the case of the Germantown and Norristown branch, which pro- 
vides the terminal facilities for a great deal of the Main Line 
and of the North Pennsylvania and liound Brook business, an 
allowance should be made for terminal facilities, which, if made, 
would show a profit on the lease. 

The express department shows a profit for the year of $125,- 
988.39, as against $102,361.09, an increase of profit for the year 
of $23,625.30. 

The resultvS of the operations of the steam collier and canals in 
comparison with the previous year are shown in detail in the 
transportation and income account of the appendix. 



113 

The comparative traflSc returns of the Railroad Company are 
shown in the following table : — 

1878. 1879. 1880. 1881. 

Number of passengers carried 6,376,413 7,008,64cS 9,822,422 10,561,863 

Number of tons of coal, 2240 lbs 5,909,140 8,147,580 7,179,399 8,072,142 

Number of tons of mdse., 2000 lbs 2,757,839 4,177,976 5,144,044 5,9(35,818 

Number of tons of Company's mer- 
chandise materials, 2000 lbs 412,110 631,753 741,036 "849,417 

Total tonnage of Company (2000 lbs.), 
including weight of passengers and 

Company's materials 10,383,317 14,673,159 14,842,766 16,841,807 

The total coal tonnage of the estates of the Coal and Iron 
Company as compared with the year 1880 was as follows : 

Mined by Co. Mined by Tei^ants. Total. 

1881 3,937,607 12 1,484,992 16 5,422,600 08 

1880 3,460,464 03 1,235,642 10 4,696,106 13 

Increase 477,143 09 249,350 06 726,493 15 

The actual cost of mining and delivering coal into railroad 
cars for the year was $1.49 j'^ as against §1.43^ the previous year, 
and $1.14^ in 1879. By reference to the report of the Chief 
■ Engineer of the Coal and Iron Company, further details of the 
operations of the Company will be found, and it will bo seen that 
the cost of Jl.49^ includes the amount expended for new work' 
(luring the year, all of which was charged to working expenses,' 
and which is equal to 12^ per ton- 

The total amounts of the floating debt of both Companies, 
Receivers' certificates^ and arrears of overdue interest for which 
either no provision has yet been made, or for which provision 
being made. at a lower rate by the Receivers is as yet unaccepted 
by creditors, outstanding at the close of the fiscal year ending 
November 30th, 1881, were as follows : — 

Floating debt §tMKS2,293 43 

Receivers* certiticates and obligations 2,:iH(>,457 64 

Arrears of interest, including January, 1882, couixnis of general 
mortgage and scrip 2,08:i,587 7fi 

Tlie above table does not include arrears of canal rentals as yet 
unpaid, amounting to $270,180, nor the unsettled claims for 
losses upon old iron contracts referred to in the report of the 
Receivers, made July l5th, 1881. 



114 

The shareholders and bondholders of the Company are re- 
ferred by the Receivers to the appendix for fuller information 
embraced in the reports of the various heads of departments to 
the Receivers. 

EDWIN M. LEWIS, 
FRANKLIN B. GOWEN, 
STEPHEN A. CALDWELL, 

Receivers. 
Philadelphia, January 3d, 1882. 



114 

The shareholders and bondholders of the Company are re- 
ferred by the Receivers to the appendix for fuller information 
embraced in the reports of the various heads of departments to 
the Receivers. 

EDWIN M. LEWIS, 
FRANKLIN B. GOWEN, 
STEPHEN A. CALDWELL, 

Receivers. 
Philadelphia, January 3d, 1882. 



liKI'OHT 



I5/EOE3I"7"EIH-S 



||l\ila(lfl|il|i;t it' licadinj |^;tilroii(l (| o, 



tjjc |p|ilalitl|i|ii!i d' ^taDing <lm\ & |ron Co. 



iOPEkATlONS 



INDEX. 



■ Ot 



PHILADELPHIA AND READING RAILROAD COMPANY. 

PAUB 

Appendix 11 

Cars broken, accidents, Ao. — Statement G , 49 

Coal tonnago^Points of supply and distribution, Railroad — Statement £ 46 

Description of Tonnage — Statement F 48 

Engines and oars — Number and description — Statement D 43 

Expenses Transportation Department — Statement B 41 

General balance-sheet. 28 

Materials on band 26 

Miles Run by Engines, Ac. — Statement C 42 

Receiptfi, passengers, and tonnage— Monthly tabular statement 27 

*' expenses, tonnage, ^. — 1850 to 1881 30 

Receivers' report 5 

Business for year 6 

Coal and Iron Co. — Tonni^ge and cost of mining 8 

Express business 7 

Floating debt 8 

Operations of Leased Lines 7 

Receivers' certificates 8 

Renewal fund 25 

Report of General Manager — Transportation 32 

" " Chief Engineer— Roadway 59 

" " " of Canals 55 

" " Superintendent of Steam-Colliers 64 

" " " " Canals 50 

Tonnage and passengers — Statement A 40 

Transportation and income 14 

Business of the Richmond coal-barges 20 

'' '* Schuylkill Canal and TransportAtion Line 18 

*' " Susquehanna" 19 

" " Steam-colliers 20 

Interest on bonded debt 22 

Net earnings of Railroad 16 

Receipts 14 

Rentals of L«Med Lini» and Canals 21 

Total expenses 16 

PHILADELPHIA AND READING COAL AND IRON COMPANY. 

Accidents at collieries — Statement E 83 

Beneficial fund— Statement F 84 

Coal — Cost per ton — Statement C 81 

General balunce-sheet 72 

General income account 70 

Iron ore — Cost per ton at shipping point — Statement D 82 

Rails used in P. k R. tracks 87 

Reading RolHng-Mill 86 

Report of Chief Engineer 74 

•' " Superintendent of Rolling-Mill 85 

Tonnage from collieries operated by the Company — Statement A 77 

Tonnage of leased oollienes — Statement B 78 

(3) 



RECEIVERS' REPORT. 



f» 



Preserving the continuity of annual reports of the Company 
during the period of the Receivership, the Receivers present for 
the information of the shareholders and bondholders of the Phil- 
adelphia and Reading Railroad Company, and of the bondholders 
of the Philadelphia and Reading Coal and Iron Company, the 
following report of the operations of both Companies under their 
management for the fiscal year ending November 30th, 1881. 

The joint balance sheets of both Companies showing the actual 
condition of the Companies and the Receiverships united will be 
found annexed to this report. Following the rule adopted. in last 
year's report of the Receivers, tlie rentals of leased lines are not 
included in working expenses. 

The following table, corresponding in form with that printed 
for the first time last year, shows the result of the operations of 
the year under the Receivership, together with a comparison of 
the operations for the previous year : — 



c 




I 



a 
m 

S 









I 





ST M I • 

- => = fe 

.M a: fl 

*• ^ i^ 

- i 3 < 

« H « ^ -■ 



1.5 
£ 

;3 






K 



04 



toco 
<s to 



8 "?«•>» 'it 
CO ^^ cs 



9& 






« M «o o 

O C5 »0 O 



^ W h- 5» 

OC i-i t~ o 

«c r- M ?9 

^ C5 X d 

oi ;i rt 36 

• » • •» 

O CS » I- 
X I- 1- t- 

'f ^ ?: 

I- o o r? 

Clu"* -* -• 

•^ ^* ^ x» 

<C OJ o 






o ac 



a 



s 



a; 

"13 



e 
rs 



V. 






V 2 



VJ 



"^ o 

I- ■?! 

p*x" 



00 
X 



o 
a 



V3 

u 



?s 


o> a» 


22 




nco 


K\ 


c 



55 

2 






aa 

(O 



at 



I- 



<5 









I 



O) 00 CQ O 03 

^M aO og iC ^M 
0> •-• CQ 04 O 

^ C ^^ 00 w 



^ 5 «r 5 



^ O 71 » 

AT- ^1 . ^ 



OC ri ^ ^ 

•C 5C C <5 

c-i Cv« i; 

o « ^ 5 



f— ^ I- rr ?< 

CC ^ O lO o 

^ tD h- r? o 
1-^^ c — 
— X o 






e 

s 



I 5 



O) *- w 

_ - S s v 
ti ^ r ^ •-* 



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n 



00 

o 



o 



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In the above table full rentals and full interest on all obliga- 
tions of the Company are charged, irrespective of whether the 
same were actually paid by the Receivers or not, leaving out of all 
question any profit which has resulted or may result, from the fact 
that certain interest of the Philadelphia and Reading Coal and 
Iron- Company has been purchased by the Receivers at less than 
its par value. 

Fuller details of the transportation and income accounts of the 
Railroad Company and of the income account of the Coal and 
Iron Company, in comparison with the same accounts for the pre- 
ceding year, will be found in the Appendix. 

There is but little to report as to the condition of the various 
leased lines under the Receivership. The Catawissa branch shows 
an increase of earnings of $71,943.28. The Germantown and 
Norristown branch shows a decrease of earnings of $31,588.55. 
The North Pennsylvania branch shows a profit over all rentals 
and expenses for the year of $58,920.83, as against a loss for the 
previous year of $13,269.85, making a gain for the year of 
$72,190.68. The Delaware and Bound Brook branch shows a 
profit for the year of $83,348.13, as against a profit for the previous 
year of $31,309.93, making an increase for the year of $52,038.20 ; 
or taking the two branches, the North Pennsylvania and Delaware 
and Bound Brook, together, the joint operations for the year 
show a united profit over and above all rentals and expenses of 
$142,268.96, as against a profit for the previous year of $18,040.08, 
making an increase for the year of $124,228.88. 

The accounts of all these branch lines are kept, as they have 
been in the past, ujwn a strict pro rata of receipts, and the result 
does not properly show their value to the Company, and notably 
in the case of the Germantown and Norristown branch, which 
provides the terminal facilities for a great deal of the Main Line 
and of the North Penn and Bound Brook business, an allow- 
ance should be made for terminal facilities, which, if made, would 
show a profit on the lease. 

The Express department shows a profit for the year of 
$125,988.39, as against $102,363.09, an increase of profit for the 
year of $23,625.30. 

The results of the operations of the Steam-colliers and Canals 
in comparison with the previous year are shown in detail in the 
transportation and income accounts in the Appendix. 



8 



The oomparative traffic returns of the l^ilroad Company are 
shown in the following table : — 

18T8. 

Number of paasengera carried, 6,376,413 

Number of tons of coal, 2240 lbs., .... 6,909,140 
Number of tons of merchandise, 20(X) Iba., . . 2,767,839 

Nnmber of tons of Oo.^s mdse. materials, 2000 lbs., . 412,110 

Total tonnage of Company (2000 lbs.), including | io,383,317 14.673.169 14.842,766 16,841,8OT 
weight of passengers and Company's materials, i 

The total coal tonnage of the estates of the Coal and Iron 
Company as compared with the year 1880 was as follows : — 



1879. 


1880. 


1881. 


7,908,648 


9.822.422 


10,661,853 


8,147,680 


7,179,399 


8/)72,14t 


4,in,976 


6,144,044 


6,966,818 


631,763 


741,096 


849,417 



1881 

1880 

Increase 



Mined by Company. 



3,937,607 12 
3,460,464 03 



477,143 09 



Mined by Tenants. 


Total. 


1,484,992 16 
1,235,642 10 


5,422.600 08 
4,696,106 13 


249,350 06 


726,493 15 



The actual cost of mining and delivering coal into railroad cars 
for the year was $lA9r^ as against $1,433^ the previous year, 
and $1.14f\j^ in 1879. By reference to the report of the Chief 
Engineer of the Coal and Iron Company, further details of the 
operations of the Company will be found, and it will be seen that 
the cost of ^lAd-^j^ includes the amount expended for new work 
during the* year, all of which was charged to w^orking expenses, 
and which is equal to 12^^ cents per ton. 

The total amounts of the floating debt of both Companies, 
Receivers' certificates and arrears of overdue interest for which 
either no provision has yet been made, or for which provision 
being made at a lower rate by the Receivers is as yet unaccepted 
by creditors, outstanding at the close of the fiscal year ending 
November 30th, 1881, were as follows: — 



Floating debt 

Receivers' certificates and obligations 

Arrears of interest, including January, 1882, 
coupons of General Mortgage and of Scrip.... 



§9,682,293 43 
2,386,457 64 

2,083,587 75 



Th(^ above table does not include arreai-s of Canal Rentals a.^ 
yet unpaid amounting to $270,180, nor the unsettled claims for 



9 

losses npon old iron contracts referred to in the report of the 
Receivers made July 15th, 1881. 

The shareholders and bondholders of the Company arc referred 
by the Receivers to the Appendix for fuller information embraced 
in the reports of the various heads of departments to the Re- 
ceivers. 

EDWIN M. LEWIS, 
FRANKLIN B. GOWEN, 
STEPHEN A. CALDWELL, 

Receivers. 

Philadelphia, January 8d, 1882. 



APPENDIX. 



The Philadelphia & Reading R. R. Co. 



M » 



TRANSPORTATION AND INCOME ACCOUNT. 
DETAILS OF RENEWAL FUND. 



MATERIALS ON HAND. 



GENERAL BALANCE-SHEET, Etc. 



tm 



REPORTS OF THE 



GENERAL MANAGER, 



CHIEF ENGINEER, 



AND 



Superintendent of Steam-Colliers 



WITH ACCOMPANYING 



REPORTS AND STATEMENTS. 



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25 



ITEMS CHARGED TO RENEWAL FUND, 1880-81. 



New Bailhoad Ihon : — 

New milt laid down, 16,154.4 tons, ^ t47.90 S773.846 79 

Lcn old rails taken out, 15,022.7 " @ 28.62 429,074 55 

Khoikks AifD Caks: — 

18 Consolidation engines, Clas^ I, built in ploce of Nos. 20, 53, 55, 62, 

66, 110, 114, 115, 125, 126, 127, 286, 308, 310, 369, 371, 434, and 483 fl86,644 59 

Rebuilding 3 8ix-wlieeled shifting engines, in place of Nos. 52, 79, and 

172 19,312 95 

Work on 10 pMsenger engines, in place of Kos. 210, 219, 220, 222, 226, 

238, 283, 361, 373, and 442 44,673 67 

Work on 4 six-wheeled shifting engines in place of Noe. 6, 64, 116, and 

117 1,077 47 

Bebailding 2 eight-wheeled passenger cars 10,000 00 

60 eight-wheeled wooden coal cars built in place of 121 four-wheeled 

Iron coal cars 25,050 60 

B«bullding 48 eigh^wheeled house cars 21,298 55 

" 2 eight-wheeled cattle care ". 416 18 

" 45 eight-wheeled gondola cars 21,294 00 

** 2 four-wheeled gondola cars 2G6 20 

*' 14 four-wheeled lime cars 1,638 29 

•• 1 eight-wheeled wreck car 1,268 44 

•• 1 eight-wheeled tool car 1,012 78 

" 4 four-wheeled cabin cars for freight trains 1,228 57 

Uobting enginea for us« at Richmond freight whanres 950 00 

1336,022 09 

engines Not. 308 and 310, sold 5/»50 00 



$343,872 24 



330,472 09 



Dbpoti, Ac. : — 

ImproTcments to depot at Ninth and Green Streets, Philadelphia ; new 
depots at Trenton Junction, I>ougIaMTille, Cold Spring, Stiamokin, 
and Danville; new depot and freight huuso at East Conshohocken ; 
new coal yards at Sixteenth and CnllowhiU Streets, Philadelphia, 
and new express stables at Sixteenth Street and Pennsylvania Ave- 
nue, Philadelphia. 

SUKDHIU : — 

Patent right for locomotive head-light burnent $621 00 

Re-locating tracks of Mine Hill Railroad at Glen Carbon 2,667 50 

Richmond ship-yard expenses 2,845 64 

Hauling materials, superintendence, etc 10.728 13 

$l6,Kr.5 '-'7 
1 cuttiog-off machine, sold 415 00 



RENEWAL FUND, 1880-81. 

Cb. 

By Ave cents per 100 tons on 1,011,068,393 tons tranxported one mile in 
1880-81 

Debit balance of Renewal Fund charged Income fur Year 



48,739 35 



16,460 27 
$739,533 95 



620,534 20 
$218,999 75 



26 



STATEMENT OF MATERIALS ON HAND NOVEMBER 80th, 1881. 



Account!. 



Anthracite ooal, 
Axles 



Bituminous coal 

Boat - tackles — steam- 
colliers 

Boilers — steam-coil's .. 
Car-gcarinj^ 



Chairs, frogs, & spikes. 
Copper & other metals. 



Items. 



Car 

Engine, 



Car-gearing... 
" springs , 



Quantity. 



Engine-gearing. 



Copper 

Lead 

Ant., tin, Ao.. 



Eng.-gcaring. 
" springs. 
" tubes... 



Hooped. 



Engine-tires 

Files and tools 

Hardware 

Ilorse-feed and stable- 
furniture 

Iron castings 

New iron rails 

Oil 

Old railroad iron 

Paints and oils 

Pig iron 

Propcrr wheels — steam 
colliers 

Ropes, block?, &C..X.... 

Safety-8wit(!hes ' 

Scrap cai^t iron , 

Scrap wrouijjht iron \ 

Scrap btiifil and other 
metals , 

Sill8 

Stone, lime, Ac i 

Stores — >t(*am -colliers.. 

Sundry materials 

Tallow, lJt"d, Ac Tullow, «tc.... 

Cotton-waste. 

Tar and pitch — steam- 
colliers 

Timber and lumber ' 

Wheels i 

Wood 

Wrought iron und steel Bar iron 

Ilit)iler «.t sheet 
Steel 



17,192.6 
6,110 
90 

16,370 



3 

229 

35,771.9 
8,844 
6,940 

10,982 

269 
161 



De«crip- 
tion. 



167.4, 
726.9 
42,204i 
3,604.5 

205.7 ' 

3 



1,55 4 
27.1 ! 

24.2 
115.763 



84,lfi8 
27,400 



403 
7,018,<»71) 
1(1.11)9 
3/J<n 
730.4 
22U.5 
47.1 



Tons. 
No. 

Bus. 

$ 

No. 

$ 

No. 

Tons. 

Lbs. 
it 

ft 

$ 

No. 

$ 

No. 

$ 

tt 

u 

Tons. 

tt 

Galls. 
Tons. 

$ 
Tons. 

No. 

S 
it 

Tons. 

<< 



it 

No. 

S 

tt 

tt 

Lbs. 
tt 



Galls. 
Ft. IJ. M. 

X6. 

Cords. 

Tons. 
(• 

tt 



Value. 



$68,676 06 
2,304 00 



$149,227 96 
916 00 



Total Value. 



$2,122 66 

332 60 

1,448 89 

$131,661 89 
2,690 00 
6,216 26 



$6,736 27 
1,658 84 



$14,668 57' 

23,870 47' 

8,504 25 



$36,091 82 



60,979 06 
1,527 63 

603 73 
130 66 



160,143 96 
21,780 84 



8,904 06 



139,668 14 

7,648 36 

68,832 91 

33,110 89 

6,879 47 

8,891 97 

39,818 66 

14.510 78 

10 4,531 37 

7.781 21 

9,433 56 

827 63 

1,653 05 

6,85 4 55 

46,620 00 

6,161 S2 

3.745 99 

61,378 07 

4,106 27 

3,420 32 

14,871 65 



8,395 11 

42 21 

152,745 55 

85,542 16 

9,181 62 



77,043 29 



Total value of materials on hand... $11 86,658 1 5 



I - 



27 



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28 

BALANCE 

Philadelphia and Reading Bailroad Oompamf 



DUEIMO TSAS 1881. 



CAPITAL ACCOUNTS: 

Railroad, 

Depots, 

Locomotive-engines and cars, .... 

Real estate, 

Phila., Readinf; and PottuvlUe Tel. Co. stock, . 
Kast Pennsylvania Rsiilroad Go. stock, 
Reading and Cohnnlda Railroad Co. stock, 
Allentown Riiilntad Co. stock, .... 
East Mahanoy Railntnd Co. stock, . 
Mine Hill & Schuyl. Haven Railroad Co. stock, 
Phila. and Reading Coal and Iron Co. stock, . 
Phila. and Reading Coal and Iron Co., bond 

and mortpige, July Ist, 1874, 
Phila. and Reading C«>al and Iron Co., bond 

and mortgage, Dec. '28th, 1876, 



Increase. 



Decrease. 



Steam-colliers, 

Susquehanna Canal coal-barges, 
Schuylkill Canal coal-bargcj*, . 
Schuylkill Navig'n Co. works and franchises, 



ASSETS: 

Gash in hands of Receivers, .... 

Cuh in hands of Rec<'iver8, ac- 
count dererred income bond 
instalments, America . . 9276,568 64 

Cash in hand of Receivers, ac- 
count deferred! income bond 
instalments, England . . 1,564,071 65 

Bills receivable 

Freight and toll bills, 

Stocks and Ijonds held by the Co. and Receivers, 

MatcrialH cm band, 

New (Migim-R and cm w, 

New tracks and sidinns, main line and latt'rals, 
new bridgi.'H, deiHJtH, etc., and real estate, 

Debts duo to the Company and to the Re- 
ceivers: — 

Duo by sundrv bmncli roadu, ?1.984,145 2V> 

'* " P. & R. Coal * Iron Co., C,4:il,l'2;» M 

" *• connect inir R.R.Co.'s, 2Sl,rM9 75 

** onacc'tcurrerjt busiinesH, 357,037 93 
Coupons and interest of other 

Companies pnrchaiH'd, . 774.220 (M) 

Sundry debits .... 1,209,977 73 



Fundwl con|N^n8 not yet matnroil : — 
Pbila.and KcadinK Ibiiiruad Co., . 
Schuylkill Nuvipition Co., . 
Susquehanna Cunal Co., 



coupons. 



Expenses account, deferred income bond.s and 
6 per cent, consols 

Discount, commission, an<l expenses of getjentl 
mortjrage lo:ui,ls74-llK>8, issue t>f?l(),(MX),<'(H) 
in January, 1876 

INCOME ACCOUNTS: 

LoM, per report November .lOtli, 1880, 
Leas profit for year ending Nov. 30tb, 1881 



/ 



/ 



/ 



$29,737,965 53 
10,000,000 00 



126,318,377 53, 
4.194,711 39; 
9,355,442 24* 
7,68«,344 25! 
2<i,730 00 
949,358 13 
2:ii,'l80 00 
820,582 99 
247,295 61 
159,499 75 
8,000,000 00 



39,7:J7,9n6 53 

2,561,245 24! 

21,448 45 

460,251 14 

1,000,000 00 



677,127 17 



101,267,732 26 



1,840,640 29 
2.33,760 .39; 
890,085 70; 

3,641,613 55 
7,102,.')13 22 
l,lSn.f).^H 1.-) 
1,007,504 27 1 

1,144,119 C7| 



11,102,064 21 25,784,533 07 



392.ri.')3 r><) 
.3o.78() (M) 
47,120 (M) 



409,953 50 

27,0-17 36 

I 

500,000 00 



2,013,240 411 
142,588 05' 



2,470,051 76 



$209,890 82 1 



1,840,040 29 

:«,767 K\ 

I05,8rj 93 



l.''>9,0,''>8 (A 
898,000 37 

330 741 39 



29,863 01 

70,138 08 
73,299 97 

532,859 ii*> 



27,047,30 



$45,915 06 



508,092 09 



10,478 24 



703,300 £0 
24,420 00 
94,222 00 



142,588 66 



Lew Amount oftlecr^Me, , 
ToUl Mmoaat of incrca»e. . 






nSEET 

and Stedvers, November SOih, 1881. 











DcuNa TKi« isei. 




IncreuK. | IKcnu*. 


OAPITAL ACCO0NT8 : 
























































! : ! : : iESi., 


., 


HB^WOOU 








6fmw, 


-: : 1 : : !»,.. 


M 


itejiMi to 






































e ■' I " - iMK-ioio, 








»jmw 




















T - 1 iuong.g» " leea-HJ, 


■' 




is^.ioo 00 








;-'.""•■»;",!■-' ■■ . ■ " 














pen 


'^^SS 










■ - " 1 . . . . ngf. 

T - ».■.■.■;» 


.r«l 


T^llU,liUO uu 


18^11,000 00 






















S I-r Kiiu Bulil 5 ur I . . to 


U|K>II 
















Lfi of gchuirlkill Nit. Ca^ tn 



S.IIl.lM 10. ]e,S4ll/Sl 10 





Vwi" 00 


3,0T4,1M CO 


OciMWHUlOCll 

Pnhrml tluck, 


12,8.11^5 M 


M,S«3,1T1 K 


LIABILITIBfl i 
BIII*pimMriin<llu*ui 


8,M1,1MM 
WUOO 

»oo,ooaon 




Flvaltnc ilcbl 


iiVi'Ji;iu m 





,f-rTMincnmebciinli{l™"il'»i:t,) I^M,BOO M 



llM^WJrtl M ti*i\;ii«W Vdn^S^T* 



/ou. Add to mat mboTt t\381.100. t •M.OOn' n,.i ... 



1 61«;i»\ -\ 



CONDENSEB 
Of the Rreeiplt, Expmtn, Tonnage, Pauengert, Equipment, and Mileage of tht 















November 


SOlh, 1850 


fl 










TntL E»Mti. 


IS 


"c... 


"^«"' IJiHlL. 


'■"■■ 


1. .-.«^ 




SH" 


T«^ 


1860 


(2,071.731 


$126,822 $166,405 


$2,3113.958 


$792,024 


8154,7801 


$183,610 


$1,080,328 


1861 


2,018,871 


123,672 


171,787, 


2,aU,3.'(0 


872,955 


160,669 


ir>5,413 


1,188,937 


1SG2 


2.150.677 


1S8,0<14 


190,085 


2,480,626 


874,641 


202,1321 


ici.Sefl 


1,228,639 


18G3 


3.254.«94 


180,612 


202,981 


2,688,287 


878,071 


17S,480| 


lfi,-j,986 


1,232,537 


18M 


8,268,8^3 


231,626 


200,100 


3,781,639 


1,225,321 


220,209 


1M,0R2 


1, Ml, 212 


ISfifi 


S,864,0!)5 


825,851 


831,648 


4,321,781 


1,225,230 


286,643 


21(;,(m7 


1,727,879 


1860 


8,242,466 


348,600 


822,584 
322,612; 


3,013,741 


1,238,970 


824,1 68, 


2ljl,218 


1,824,306 


1867 


2,412,1)28 


820,08*1 


3,066,521 


1,072,099 


266,5881 


143,O.W 


1.461,746 


1868 


1,806.808 


835,!H6 800,1431 


2,610,761 


858,494 


223,309 


117.99(1 


i;i99,799 


1869 


1,888,685 


474,888 885,720' 


2,724,298 


809,222 


233,676 


113,381 


1,276,181 


1660 


2,828,158' 600,620 3fl4,7(i8j 


8,312,646 


071,511 


289,787 


242,651 


1,468,049 


1B61 


2.111,023 400,821' 388,4n4- 


2,006,838 


844,i>«4 


246,474 


101,096 


1,282,134 


1802 


2,87a.4a0 623,416' 608,994 


8,!H 1.8.10 


977,742 


206,985 


301,906 


1 ,586,683 


1663 


4,8117,200 67;!,14:l 68l',iV.!p 


6,2ri2,!M)2 


1,588,150 


374,212 


583,6;;3 


L'..)4fi.001 


1864 


7,-i<i;.,77r. os;i,77r. i,iii,78;i 


!).2lill,340 


2,66.-.;342 


722.176, 




1,.084,N48 


1806 


8,i;-2-,fi:i-l l,lii:i,M77, i.;mc,h-w 


11,142,.-|9 


3,.',.'Sll.435 


007,948' 


I,:!' -'i- : 


',"^5,864 


1886 


8,^46,61)7 l,421,r>:J!.' 1,23.-,.,W3 


10,!<[i:>.810 


3,791,620 


1,094,06? 


I,,!' 


221,500 


186- 


fi.404.878 l,iVJ.-.,6.-il- 1,1711.0(17; 


9,10ll,49fJ 


8,600,795 


1,066,22.-) 




7iir,858 


isirs' c,2Jj,2i4 i.iis.Ty;! i.rjii.MO' 


8,791,937 


3,.->77,623 


1,061.0711 


]'.<»' 


.(;4I,100 


1860 8,316,--'-IO l,571>,);:i;i I,^8L',jl8 

1 1 1 


ll,208,;i81 


3,979,390 


l,IU2,&i8 


l,i(,i»,t^,.. 


0,272,833 


1870 f.,4na,87i j,<'.oo,44i 1 ,r.fi2.n.vj 


n,.'i71,307 


3,628.472 


1,140,703 


I,lfi2,2!l2 


f.,931.467 


1873J e,-jK7,i;;i;; ■j,:w..t;4:; i,;.ciH;ini7 


12,.-ifl2,84:! 


4.IOH,044 


l,2(;l.9.-i2l 


1,489.971 j 6,8.'.9.9fi7 


187L' 7,r.i;i.lir, a.dpji.iiim i.ijyii.Pn:! 


r>,t25,(i:(H 


4,472..143 


1,397,143 


1,4.32.2.VJ ! 7,3«i:7S8 


1873! !i,i(«,oii4 ;!,Mi;t,i77 2,i:;.-.;ioo 


14.832.6111 


.'5,42(1,479 


1,674,51111 


1,668.800 1 H,rAa.VX 


1874' 8,Ua),0I4 :!.a81i.30l ■'.VAV.m 


14,4.-,2.121 


5,i:.7,24l) 


1.2.-.2.21'3 


1,530,701 ! 7,040,234 


187;'.! 7,(i30,H!i!l S.Oai.fNiM l,;i!w.2:!ll 


1 2,660,927 


4.867,129 


],192,49fi 


l,4.'rt).615 ; 7,610.240 


1876 


6,708,l*L 


■2MV.>Mi 


•2.'>r,'.t."-2h 


12.227, .-.11 


4.9!i(),.-.72 


l,139.1fli; 


],600,<K)I 


7,779,7,W 



1878 7,20(i,9.-.2 i 



■*24,39S ; 7,.3.-.4.2.'H 



7,186,222 3,827,496 



STATEMENT 

Philadelphia and Reading Railroad Co. for the yean ending 

(« JSSl, incltuive. 



1,301,602 

1,650,370 

I,6fi0,i>13 

1,682,24S 

1,9S7,8&I 

S,21S,292 

2,oeS,»U8 

1,70S,692 

I,M2,Q4(i 

1,6S2,932 

1,946,196< 

1,C8&,535 

S,S1 0,900 

8,006,2(11 

3,065,57? 

8,090,614 

8,TI4,6e< 1 

!t,44fi,82(i 1 

8,G'4te74 I 

4,239,407 

M. L.BIV 

"(i33,o64 l,7r)4,njR 2nn. 

e,0O2,57S 2,S05,2K4 

8,i8j,4.'n :r.fi!'i,joo I'.fT 

8,645,.>,S' :!,Sai,liH' HM 
«,M«,«';;. 3.0S8.8HI ■!'.'■'■ 
6,ri0M^i 2,720,208' fi81, 
6,695,207, 2,4fi3,2T7 482, 
7,205,318' 2.937,6481 313, 
{t,B09,t4()' 2,767,830 412, 
8,147,680. 4,177,970 f!31, 



113,801 
75,78E 
107,8&8 
140,801 
154,384 

1»B 880 
I84,ar 

187,729 

834,009 

423,523 

S24,%a 

461,733 

662,368 

807,1 OH 

840,106 

1,037,121 

1,185.890 

1 ,220.690 

1,422,738 



157,460 
2111,731 
181,217 
174,161 
187,£AI 
247,478 
2311,700 
162.612 
170,608 
1M,104 
160,084 
143,287 
171,499 
584,071 
242,',108 
249,803 
S2ft,S90 
242.626 
220,946 
S37,1I7 



1,743,(180 
2,145,1 S2 
2.122,171 

2.(176,197 
2,682,663 

2,90»,fl'i7 

2,816,7" 

2.326,7 

2,126,881 

2,406,314 

2,819,898 

2,348.900 

3,'i(iO,yi 

4,3il 1,877 



6,280 
-4,712,(H( 
6,674,907 
6,421,638 
6,488,558 
6,007,190 



1.5.5,104 103 
211,819,108 
21.6, K3|i 121 



896,460 148] 
g70,S6l|l06; 
1, 048,521 j^-ilO 
1,481,632.254 
1,444,267 267 
l,273,e44l'268 
l,194,S7J-/2 
1,527 769 297 



1,233,144 

1,461,772 
1,517,981 
1,466,894 
1,674,403 
1 .!)4H.235 



l,cii:i,4B6 
1 ,aU5,927 
2,088,166' 
2,721,1189 
3,328,229 
3,088,309 
4,261,336 
4,330,385' 
4,500,13; 



6,117 : 
5,186 : 

6,241 
6,476 1 

5,7U3 i 

6,724 

5,719 . 

6,765 

6,634 

5,695 

6,61)6 

6,673 



64 162 

66 162 

fi7 142 

8,430 67 162 ' 



»,au6 I 



U2 



10,617 1 



59,301 



87 142 : 

..,.-. 106! 162 : 

10,477 1101 162 : 

10,531 119' 162 ' 

'11,S9514., 52 ] 



110 10,'383,'817l 6^37 
763 14:673,1691 7,008, 



,039 30!! 6,100,175 16,728146 52 139 
,934 '343 0,543,138 l6,8202S8[ 260' 161 
,9i)l '377 7,248,778 18|a>18ail8 .123' 151 
,088 '400' 8.351,682 19,224'281 327 161 
.869 406: 8,11H,077 111,110279 327 165 
;i29 410 7,690,634 l'J,U47 310 327 166 
,157 414; 8,414,6;ifi'i;i,(KHi3»5 827 166 
,88»41.'( 8,874,2110 l:t,iil."J3;i3' 327 155 
,413 416 8,247,7N.-. IH.Miif^aOS 327 155 
18 478 10,6O'J,471 ::ii,u;:j o04l .132 160 

I I ! I 



32 



REPORT OF GENERAL MANAGER. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Gowen, > Receivers. 
Stephen A. Caldwell,) 

Gentlemen, — I respectfully submit the following report of 
the operations of the Transportation Department for the year 
ending November 30, 1881 : — 

The expense of conducting all operations of the department 
for the year has been $6,660,934.19, an increase of $559,977.77, 
equal to d^f^ per cent, as compared with the preceding year. 

This increase is due : — 

1st. To the movement of an increased coal, general merchan- 
dise, and passenger traffic. 

2d. To an increase of al)out twelve per cent, in the prices of 
materials and supplies used. 

3d. To increased exj)ensc incurred by reason of having to per- 
form much of the maintenance of equipment after nightfall, when 
such oj)erations require more time for their proper performance. 

4th. To the necxjssity for loading by means of improvised 
pumping apparatus located at available points, and transporting 
the water required for steam generation at many of the collieries, 
as well as for a large proportion of the locomotives employed in 
the coal region. 

By this means 3*^,880,290 gallons of water have been sup[)lied 
during the last four months of the year, which service has required 
the continuous employment of five locomotives, and has been equal 
to 1,021,486 tons hauled one mile. 

The coal tonnage has been 8,()72,142 tons, an increase over 1880 
of 892,74:) ti)ns, equal to 12 /^ per cent. 

General men'luuulise tonnage has been 6,815,235 tons, an in- 
crease of 9.'*0,1'')5 tons, ecpial to 15j*^,y per cent. 

The number of passengers carried has been 10,561,853, an 
increase of 739,431, equal to 7^^^- per cent. 



33 

The coal tonnage carried to Elizabethport has been 698,270 
tons, an increase of 192,137 tons, equal to 38 per-cent. 

The number of tons of coal hauled one mile has been 633,171,- 
026, an increase of 81,572,021 tons, equal to 14^^ per cent.; and 
general merchandise tons hauled one mile has been 320,334,257, 
an increase of 53,253,378 tons, equal to 19^ per cent 

The total number of tons hauled one mile, including weight of 
passengers, has been 1,042,697,368, an increase of 145,427,479 
tons, equal to 16^ per cent. 

The number of passengers carried one mile has been 141,552,450, 
an increase of 8,715,387, equal to 6^ per cent. 

The average distance traveled per patesenger during the year 
has been 13^ miles, a decrease of yw *"^'® ^^ compared with 1880. 

The receipts from the several branches of traffic have been as 
follows : — 

From transportation of coal, $9,085,069.38, an increase of 
1727,257.83, equal to 8^^ per cent. 

From transportation of general merchandise, $5,671,477.30, an 
increase of $613,332.70, equal to 12^15^ per cent. 

From transportation of passengers, $2,872,423.02, an increase 
of $197,965.90, equal to 7^^^ per cent. 

From transportation of United States mail, $50,627.20, an 
increase of $492.45, equal to 1 per cent. 

Miscellaneous receipts, $932,843.77, an increase of $134,506.20, 
equal to 16^^^ per cent. 

Making total receipts $18,612,440.67, an increase of $1,673,- 
555.08, equal to 9^ per cent. 

Notwithstanding the embarrassments occasioned by the pro- 
longed drought, which necessitated the transportation of water in 
cars for use of locomotives, the movement of the various branches 
of traffic has been conducted with regularity and promptness, no 
interruptions of a noteworthy character having occurred during 
the year excepting the forty-eight days of suspension of coal pro- 
duction, which occurred during the months of December, January, 
March, April, May, June, July, and September. 

The following statement shows' the number of locomotives cm- 
ployed by the Company, and their condition at the close of the 
year : — 

8 



.34 



Descriptiom or LocoMonvn. 



In service, in good working order 
" " fair condition 

In shop for general repairs 

** " replacement 

Out of service for replacement 



Totals 115 




Twelve locomotives for passenger and yard service were con- 
structed at the shops of the Company during the year, and thirty 
wore purchased from the Baldwin Locomotive Works and first 
placed in service during the months of April, May, June, and 
Jul v. These are of the so-called consolidation class, and of so 
much greater weight and power than the ten-wheel engines here- 
tofore used as to enable them to haul a largely increased load. 
They are, moreover, adai)ted to the use of waste anthracite for fuel, 
the low cost of which enables them to j)erform service with com- 
parative economy. 

There are now in tlio service of the Company eiglity-five freight 
and coal-train locomotives adapted to the use of refuse coal, sixty- 
five of which have used it exclusivelv since the commencement of 
their service. The prolonged drought of the j)ast season has 
seriously interfered with tiie preparation of this fuel, but arrange- 
ments are now being made by which a full supj)ly for all of tiie 
engines referred to will be obtained. 

Twentv-six of the thirty consolidation locomotives which were 
purchase<l from the Baldwin Locomotive Works have been em- 
ployed in the Main Line coal traffic during the latter half of the 
y(»ar, and have moved 28 per cent, of the total coal tonnage pass- 
ing over the Main Line, using refuse coal ex(^hisively for fuel. 

A statement of the actual work done bv these enj^ines, and of 
the cost of fuel used by them in comparison with that of the ten- 
wheel engines which they replace, is appended: — 



35 



Xnmber '^^^'^ nnm-[ToUl weight Total ooit of| 



Goat of 



DKSCRIPTION OF <tVl««^^ ber of loaded' of cargo, in I ftiel, including 

ENGINE. fJ[^ eight -wheel tone of 22401 return of empty 



tripe. 



can hauled. 



pounds. I can. 



ftiel per 
ton car- 
ried 100 
i milee. 



Ordinary 10-wheel 6654 847,611 3,822,621 |169,788.96 5^ cts. 

Consolidation 1891 135,494 1,490,489 ' 6,864.33 0/^ " 

Difference 6 " 



Equal to a saving in cost of fuel of more than $2^500 per an- 
num for each consolidation locomotive. 

The general average mileage per locomotive for the year has 
been 24,874 miles, and the general average number of locomotives 
in serviceable condition during the year was 463, being Ol^lj^ per 
cent, of the whole number employed. 

The average cost of repairs of locomotives per 100 miles run 
during the year, as compared with the preceding year, has been as 
follows : 

For 1880 15.24 

" 1881 ; 5.25 

Difference 01, equal to O^per cent. 

The average number of pounds of fuel consumed per 100 tons 
hauled one mile (including weight of passengers) and cost of same 
has been as follows : 

Poonda. Goat 

For 1880 108 lOj^ cents. 

«* 1881 99 9^ " 

Difference 4 1-^ " 

Showing a decrease of 3^ per cent, in quantity, and of 11^ per 
cent, in cost of fuel used. 

The total cost of fuel for motive power, including coal used at 
inclined planes, based upon price at the mines, has been $992,-' 
399.72, an increase of $29,140.29, equal to 3 per cent. 

The number of cars in the service of the Company, rated as 
eight-wheel cars, is as follows : 

506 passenger and baggage cars. 
17,626 coal and freight cars. 

176 cars used for operating Transportation Department. 

284 •" " " Roadway Department. 

Making a total of 18,592 cars. 



36 • 

The number of cars constructed at the shops of» the Conijiany 
durmg the year has been as follows : 

2 eight-wheel passenger cars. 
769 " " coal cars. 
297 " " gondola cars. 
180 " " house cars. 
12 " " refrigerator cars. 
50 " " stock cars. 
30 " *^ trucks for oil tanks. 
1 " " cabin car.- 
9 four-wheel cabin cars. 
Making a total of 1350 cars of all descriptions. 

There has been a pressing demand for additional equipment 
during the greater jwrtion of the year, and this want would have 
been more fully met by an increased output of new cars from 
the Company's shops, but for the great difficulty in procuring the 
necessary materials entering into their construction. 

Twenty-five of the passenger cars which were originally built 
for centennial excur3ion travel have been fitted up as first-class 
cars in every respect, at an average cost of $1,552.83 each. 

All of the general merchandise curs built during the year liave 
a rated aipacity for airrving 40,000 pounds, and they are fre- 
quently loaded in excess of that weight, whilst the capacity of the 
new eight-wheel eoal cars is only limited by the quantity of cx)al 
that ciin be placed u|)on them, which in some cases has exceeded 
50,000 pounds. 

1465 eight-wheel coal cars have had their capacity increased 
two and one-half tons each during the year. The total number 
of such cars so altered is 2112, making an aggregate increased 
carrying capacity of 5280 tons. It was expected that many more 
of tliese cars would have been enlarged by the close of the year, 
but the delays experienced in procuring the necessary material 
have led to disappointment in this as in the construction of new 
cars. 

The airs of the Company have been maintained in good con- 
dition, as is evidenced by the heavy tonnage which they have car- 
ried. Their general average mileage |)er car for the year has IxKiii 
8868 miles, and the average load per eight-wheel car has- been 
llf'jy tons. 



37 



The following will show the estimated relative condition of the 
several classes of the cars of the Company : 



Description or Cabjb. 



Pauenger. 



t( 



i( 



In service, in good condition ; 82y'j 

6iV 



" fair 
In shop for general repairs 



f( 



(( 



slight 
Out of service for replacement. 



Total. 



100 



Goal. i Freight. 



Per cent, i Per cent. 



04 
3 
1 
2 



Percent. 
6A 



100 



100 



The average cost of repairs to cars, per ton carried 100 miles 
has been : — 

Coal cars. Freight cars. 

In 1880 8 cents. ll^J^ cents. 

In 1881 7tV " 10^^ " 

Difference ^^ " ^ " 

Equal to 3^^ per cent. 1^ per cent. 



The machinery of the inclined planes has been fully equal to the 
work imposed upon it, although to meet the expected increased 
traffic of the coming year, considerable repairs must be made, 
more especially to the machinery of the Gordon Planes, the ma- 
sonry of the engine foundation of Plane No. 2 requiring entire 
rebuilding. 

The largely-increased business of the Company makes it neces- 
sary that some additional shop facilities be provided for the con- 
struction and maintenance of its rolling-stock, especially for the 
locomotive department. Hitherto these shops have been equal to 
the construction of twenty-five locomotives annually in addition 
to the repairs of those in use ; but notwithstanding much of the 
latter work has been done at night, during the current year only 
twelve locomotives have been constructed, and it is not likely 
that that number will be exceeded for the coming year. As the 
average yearly requirements for the future will be considerably 
in excess of the shop facilities, the necessity for making the sug- 
gested improvement at an early day is apparent. 

The ex{)enditures required for additional locomotives and 



cars to properly conduct the busiDeas of the Company, I estimate 
as follows for the coming year: — 



DESCRIPTION. 



_ 






1 








n 






p 


%t 



Pasaenger and freight locomo-j 



Eiglit-wbcel cnal can 
Pkssengcr cara 



I 231 1000 , 1231 I 



Other extraordinary ex|>en<litiires required during the next 
fiscal year I estimate as follows: 

For incrcBScd stenni foi^e and blacks mitb-sb op facilitiee, including 

tools for eame 52r.,000 

For inrrcnsed p.iint-shop fm-ilitica for passpngtr cara 8,000 

For iiicrcuscd i^ar »,lio]> fu<;ilitie9 ut Kiuhiniind, .Scliiiylkill Hiivcn, 

and Si. Clair ! 24,000 

For engincliouse at llicbmund 12,000 

For coaling |>]iitr<>riii at Fnirliill Junction, and incrmtsinj; rapat'ily 

of plalforma at ulhcr points ...- 8.000 

For leiiKtlipninj; present lie-off sidin<:n on Mi,iii Lino P4,0(I0 

Total Smi.tlOO 

I respoctfiilly submit, in view of the incrrasiiij; traffic of the 
Ikthldiem Branch of the Xorfh Pciui iirid Bound Bnxik Divis- 
ion, that sloje be taken toward the completion of double track 
along ils entire leiiffth, twenty-seven miles of trat-k being required 
for the suggested improvement. 

The gross rccciptM and current opcraling exiienseri for llie amiing 
year I estimate a^ follows: 

Kcvcniie from 

R.-TOO-OOO Ions coal carried Sn,lS(1.000 

7,400,000 toils general in eri-b a ndisc carried II,'J1IO,000 

]0,8'i0,000 pasitcngers carrie<l 2,B2ri.tX10 

Trnni^iHiriuliun of United Stntvs innil 53.(«0 

Misw-lliinuous sources !»2J,000 

Total !!19,:i73,O0O 



39 

And the expense of conducting all the operations of the Trans- 
portation Department I estimate at $7,125,000. 

With reference to the business of the canals of the Company, 
I beg leave to submit the following: — 

Schuylkill Canal. 

The expense of maintaining and operating this Canal for the 
year has been as follows : — 

For repairs and all other working expenses, including State Tax 

on gross receipts $171,873.r>0 

For expenses of Transportation Line 261,811.00 

$488,684.00 



Compared with the business of the previous year, there has 
been an increase of $52,246.99 in expenses, and of 68,823 tons in 
coal and general merchandise traffic. 

Susquehanna Canal. 

The aggregate expense incurred in the maintenance and Ojxjra- 
tion of the Susquehanna Canal for the year, including the State 
Tax on gross receipts, has been $45,952.47, being an increase of 
$9,973.07 compared with the expenditure of the preceding year. 

The business of this Canal exhibits a decrease of 14,211 tons 
of coal and of 121 tons of general merchandise as compared with 
the traffic of the preceding year. 

The report of the Superintendent and that of the Chief En- 
gineer of Canals are submitted herewith, giving in detail the op- 
erations and expenses of this department of the Company's works. 

Respectfully yours, 

J. E. W(X)TTEN, 

General Manager. 
Philadklphia, December 81st, 1881. 



40 
STATEMENT A. 

Tonnage and Tons one mile, Passengers and Passengers one mile, /or tJie 
year ending November SOth, 1881, and Tonnage and Passengers 
carried to date. 

Coal Tonnage— Tons of 2240 lbs. 

Paying Freight : Tons. Cwt. tom. Cwt. 

Anthracite 7,186,253.07 

Bituminous 330,614.10 

7,516,867.17 

Company's Use : 

Anthracite '. 550,245.17 

Bituminous 5,028.11 

555,274^08 

Total 8,072,142.05 

Tons of Coal hauled one mile. 

Paying Freight 583,689,725 

Company's use 36,536,990 

Total tons of coal hauled one mile t620,226,715 

Merchandise Tonnage — Tons of 2000 lbs. 

Paying Freight 5,965,818 

Company's use 849,417 

Total 6,815,235 

Tons of Merchandise hauled one mile. 

Paying Freight 303,460,473 

Company's use 16,873,784 

Total tons of merchandise hauled one mile 320,334,257 

Total tonnage of road for year, including weight of pas- 
sengers, in tons of 2000 lbs ^ 16,841,807 

Passenger Travel. 

Total number of passengers during year 10,501,853 

" '* " miles traveled by same 141,552,450 

Tonnage and Passengers Carried to Date. 

Mat/, JSJ8, to Xoirmbcr SOth, ISSL 

Coal tonnage, in tons of 2240 lbs 127,653,482 

Total tonnage, including weight of piissengers, in tons of 

2000 lb.s 216,279,834 

Number uf passengers 100,571,146 

t Tmlmlinjr 2,>^3(^.'>5»o t<»n8 )iau1<<il one mile l>y oti;rii»t'« of Dtlior rompani«'fl, ami not including 
16,TM),IKj1 toUH haulotl one niilf by 1*. A R. cngineH over Central lUiilroiid id' New JertK'y. 



41 
STATEMENT B. 

ExpeuKS of Tranitpartation Dep't for the year ending Nov, SOthy 1881. 

RUNNING ACCOUNT. 

Wages of engiDcers, conductors, firemen, 

brakemen, plane hands, &c $2,322,146 59 

Wood, 6868 cords 17,851 53 

Loading, unloading, and cutting wood 9,219 36 

Oil, 445,685 gallons 123,666 84 

Tallow, lard, grease, and cotton-waste 88,778 63 

Coal for locomotives and plane engines, 

459,089 tons 992,399 72 

Expenses of telegraph 67,672 26 

Pumping water, and sundries.. 102,221 56 

$3,723,956 49 

WORKSHOP ACCOUNT. 

Repairs of 508 locomotive-engines $616,237 21 

" " 7071 four-wheeled coal cars, ") .q^ ml Q7 

" " 8587 eight- " '' ''A *°^'^"* ^' 

" " 770 four- " mdse. " . ) 040 059 55 

" " 5293 eight- »* ** " . J ^^»)^^^ ^^ 

" " 506 eight- '' pass V cars.. 262,444 24 
" " machinery of all kinds at Ma- 
hanoy, Mine Hill, and Big 

Mine Run Planes 22,874 17 

" " stationary engines for pumping 

water, cutting wood, &c 16,851 62 

1,753,371 76 

DEPOT ACCOUNT. 

Wagesof hands $198,090 76 

" " watchmen at depots, switches, &c. 191,237 20 
" " " " signal-towers 46,893 22 

Sundries 105,896 37 

542,117 55 

SUPERINTENDENCE ACCOUNT. 
Salaries of all officers, clerks, agents, &c 550,000 35 

OFFICE ACCOUNT. 

Stationery, printing, and sundries 91,488 04 

$6,660,934 19 



42 



STATEMENT C. 



^iles rim hy Engines, Train Mileage, &c.yfor year ending November 
30th, 1881, and Total Miles run by Engines, and Tons hauled to date. 

Miles Run. 



now EMPLOYED. 



Main Line Transportation Department. 
** Shipping " 

*' Roadway " 

" Renewal " 



On Main Line, total 

Lateral railroads in coal region 

Lebanon Valley Branch 

Chester Valley Branch 

East Pennsylvania Branch 

Colebrookdale Branch 

Allentown Branch 

Lebanon & Tremont Branch (south ) . 

" " " (north). 

GermantoWn & Norristown Branch. 

Pickering Valley Branch 

Schuylkill and Susquehanna Branch. 
Catawissaand Williamsport Branch. 
Philadolphia and Chester Branch... 
North P«'nn and Bound Brook Div, 



CLASSES. 
iRt I 2d. 



4th. 



TOTALS. 



3,701,975' 109,093' 14,747 8,885,815 

I 118,630 r 118,030 

28,037 97 1-2,919 41,053 
14,078 ! i 14,078 



Foreign Kail roads, 



3,804,090 227,826 
2,187,504 77,549 
635,245 

67,063 
800,316 

53,742 

20,844 

77,450 
219,828 
912,084 

23,907 
254,204 
800,988 

09,218 

1,800,014 

711,078 



27,000 
17,233i 



' 9,786 


1,857 
272 


1 740 


304 

... 1 






204 


•••••••••••• 


107' 


2,585 

1 


8,384, 

5' 




409 


1 


200 




308 


104,850 


0,57-2 
02 



4,059,682 
2,282,280 

646,838 
67,385 

861,300 
53,742 
20,844 
77,714 

219,995 

918,058 
23,912 

254,678 

807,194 

09,586 

2,001,542 

711,140 



Totals 12,004,175 512,792 58,829 12,035,706 



Total miles run by coal trains 

" '' " '• freight trains 

" " " *' passenger trains 

Total number of tons hauled one mile on Main Line, 
and all branches, including weight of cars, but ex- 
clusive of engine and tender 

Average weight of through loaded coal trains down, 
exclusive of engine and tender 

Average weight of through empty coal trains up, ex- 
clusive of engine and tender 

Average weight of through passenger trains, exclusive 
of engine and tender 

All in tons of 2,000 pounds. 

Total miles run by all engines owned and used by the 
Company, from May, 1838, to Nov. 30th, 1881 

Total number of tons hauled one mile, between same 
dates 



3,591,190 
2,308,155 
3,008,313 



2,403,934,779 
919.5 
323.8 
121.0 



159,809,532 
33,916,185,143 



43 



STATEMENT D. 

EquipmoU, November 30th, 1881. 
Number and Condition of Locomotive-Enqines. 



Pawenger.! J^^^^\ ' Shifting. 



In service, in good working order . 

" " " fair condition 

" shop, for general repairs 

" ** " replacement 

Out of service, for replacement...' 



79 

24 

9 

• • • 

8 



and Coal. 



Totals 115 



254 


59 


46 


8 


15 


1 


• • • 


4 


2 


• • • 


317 


72 



8i»eclal 
Express. 



8 

• • 

1 



Total. 



895 

78 

26 

4 

5 



508 



Coal Cars. 

Eight-wheeled irofl coal cars 3 

*^ woodeD coal cars 8,584 

Four-wheeled iron coal cars 1,342 

wooden coal cars 5,729 



(( 



Total. 



15,658 



Freight Cars. 

SixtecD-wheeled platform gun car 1 

Eight-wheeled house cars 1,944 

" cattle cars 199 

" gondola cars 2,766 

221 

29 

99 

28 

38 

50 

57 

314 






(( 



lime cars 

ore cars , 

oil cars 

Four-wheeled house cars 

^' gondola cars 

^^ sand and ore cars. 

" stone cars 

" lime cars 



Total 5,746 

Passenger Cars. 

Eight-wheeled passenger cars 430 

baggage cars 61 

mail and baggage cars 15 



(( 



(( 



Total. 



506 



Carried forward, 



21,910 



44 

Brought forward, 21 ,910 

In addition to the above, the following are used in the 
management of the road : 

Transpobtation Department. 

Eight-wheeled house cars, wreck trains 12 

" gondola cars, with cranes 18 

'' crate cars, for sawed wood 2 

Four-wheeled house cars, for wreck trains 5 

" open cars, for cord wood 57 

" " " " depot fuel, &c 3 

*' dump cars 47 

Total 144 

Eight-wheeled cabin car, for signalmen. 1 

Four- " " cars, " " ^ 171 

" " sweeping cars, for cleaning snow from tracks. 2 

Stationary steam-engines, for workshops, pumping, and 

sawing wood 63 

Snow-plows 21 

Carts, wagons, and drays, for freight and materials 24 

Express wagons 91 

Horses and mules, at Philad'a and elsewhere 156 

Express horses 156 

Extra tenders for locomotives 20 

Dirt-scows, in use at Schuylkill Haven and Port Clinton 

landings 4 

Coal-dirt trucks, in use at Schuylkill Haven landings 2 

Roadway Department. 

Eight-wheeled house cars 21 

" gondola cars 37 

Four-wheeled '' '' 26 

" lime " 3 

" stone " 6 

" house, crane, and scale test cans 16 

" dumping cars 401 

Total Roadway 510 

r 10-whceled 1 

Total number of cars. ^ 8 " 14,442 

C 4 '' 8,295 

Total 22,738 



45 
Out op Sebvioe, included in above. 



1880. 3(nh,1881. ADcreaie. iMcreue. 



Engines 14 9 

Eight-wheeled cars 292 297 5 

Four- " " 153 188 36 



There were 974 four-wheeled iron coal cars out of service, May 24th, 
1880, which are not included in above statement of equipment. 

Steam engines at Pottst'n shops. 2 Carts 3 

Portable engines 3 Dreiiging machine 1 

" pumps 3 Scows 17 

Lumber and stone trupks........ 6 Skiffs 2 

Shipping Department. 
Steam tugs 2 



46 



STATEMENT K 

Points of Supply and Distribution of Anthracite and Bituminous 
Coal on the Philadelphia and Reading Railroad and Branches for 
the year ending November SOth^ 1881. 



Paying 
Freight. 



Oompany*! 



apan: 
Um. 



Received from Schuy'l Valley Branch, 

" " Mill Creek Branoh 

" " Mahanoy and Shamo- 

kin Branch l,849»789.10i 



72,749.17; 
68,458.19' 



Total at Port Carbon U, 990,998.06:248,006. 10 

Received from Mount Carbon Branch, 

at Mount Carbon 106,869.14 14,260.17 

Mine Hill and Schuyl- | i 

kill Haven Branch, at 

Schuylkill Haven |1,582,618.16 186,606.09 

Lebanon and Tremont * 



<( 



tc 



i( 



<( 



(( 



(( 



Branch, at Pine Grove. 

Little Schuy'l Branch, 

at Tamaqua 



Received at Allen town and Summit 

<< <^ Alburtis,Quakake, and Ru- 
pert 

" " Bethlehem and Bound 

Brook 282,409.03 



694,699.00 
61.11 



661,848.18 

668,169.08 
4,949,889.17 



9,888.07 

112,878.02 
616,978.06 



977,059.14 

5,926,949.11515,978.06 
Bituminous received at Harrisburg, 
Belmont, Sixteenth street, and Erie 
avenue 380,614.10 5,028.11 

Total delivered on Main Line and 

Branches 6,257,564.01 521,001.16 



Passing over laterals for shipment by 
Schuylkill Canal 

Shipped east via Lehigh Valley R. R., 

Shipped west via Catawissa and Wil- 
liamsport Brunch and Northern Cen- 
tral Railway 

Consumed on laterals 



595,528.05 
64,919.17 



478,545.02 
120,315.12 



84,272.12 



1,259,303.16 



555,274.08 



Total paying freight 7,510,867.17 

'* for Company's use 555,274.08 

Total of all, tons of 2240 lbs 8,072,142.05 



STATEMENT ■E.~Conf!m,eJ. 
Ditlribulwn of Coai on Main Line, Branchet, and Laleralt. 



DILITERED TO — . — 



Mnlklll A Bbu. Bnndi* 



_ _. iaj.»iM 

•wu ud Od. K. U. I S»,<»S,(E1 

*Uu Vallrj Br>Hch. , m.nMJ/7 

oMtnktelrVniKh I MIL' ' 

kkcriiic Vulltj Knwb...< 1^1. 

kMtn Vkllrr BniKb ■ ifil«i 






87,164.181 

a,MT.iig' 



i.'i,4«.ua aii»,-Ba.u 






ftMJM ~- ut,ua.ia ifli»jM 

U.li !DI333.10 ,-..- 

' J, aWLiMjw wjmai 

|..~ 1 wwrja 



Zi,mi',mm'". 



Total X. Una A Bn. 



*»!«. Br. A N. C R W.I 



4 I ^,G IS.Iti Cei,«4».l3 068,169.08 D7 

I i 



..l(t,»II,9W.13XIU,«1.1ll 



».I< |32,TDUm' 1Tg^T4JW 

„ ta^3l.M^ „.... 

341,1111.11: M.ttv.ii i3<K4w.(» V3«^ ii£.873je| „fM,nuS| »)n,i4$.n s^.ii 

,18 2;»t,69G.lS 018,790.10 Sir7,608.UG KT^.14 Gn,llD(l.]S 7,7:16,499.1)4 XU,843.0I 



.1 *l453U.tS_ 

4: ts,mi>.n 4/M)jM 3o,iss.iit ... 
i3o,4w.u6 »^a»m iKjram'... 



iMil otill, tonfcT 2Mn 111.'.. 



I 
.... 8/n2,142IX 



48 



STATJE5MENT P. 

Description of Tonnage transported over the Philadelphia and Beading 
Railroad during year ending November SOth^ 1881. 



DESCRIPTION. 



Anthracite coal 

Bituminous coal 

Petroleum and other oils. 

Pig iron 

Railroad iron 



Other iron or castings. 



Iron ore 

Other ores 

Stone and lime , 

Agricultural products 

Merchandise and manufacturt'S.... 

Live stock 

Lumber 

Other articles, and express goods. 



Total paying freight. 



Ton* of 
2000 lb0. 



8,048,604 
870,288 
422,200 
542,069 
282,054 
462,921 
912,871 

10,051 

042,631 

1,107,862 

528,048 

66,430 

451,857 

•456,824 

14,384,710 



Company's Materials. 

Merchandise 840,417 

Anthracite coal GIG, 2751 



Bituminous coal. 



5,032' 



Total 



1,471,324 
15,850,034 



4i 



49 

"" i2a'a"SS S iS~2 M"SS 3 S 3~,3S S"Ei!|Sj| 

jl 1 I l_l -,- _._.-l-"*'.- -ill 1 I I I-, 






*.|J»1[|U6 



" "-unSuiilim I 

■5i4»lHlft»n,pil.»^i>c.a. ! 



I 



Hb« = ■l«linH_;iii.:;'*'";:ii-"'i*''ii-:!::li|» 

&< « S. 5 ^niH-^q^luHilnoo : ;| :, !■ : ■ :i !■ ■ il i- ■ i V- : ! = S.2 2:=S 

5'i I " ;-p«ipMsatKi.MU^a ' " -1""",= i 2 j " = i"= " L F ir :' ;' ir! | 



I jD|f L Mdnqq utlfoig 






i;§iiii§i!ists;gisi| 



60 



REPORT OF SUPERINTENDENT OF CANALS. 

Schuylkill Haven, December 30th, 1881. 

J. E. WooTTEN, Esq., 

General Manager. 
Dear Sir, — The following report of the business of the 
Transportation Department — Canals, for the year ending 30th 
November, 1881, is respectfully submitted. 

The ScnuYLKiix Canal 

was ojiened for business on the 14th of March. Shipments of 
coal commenced on the 21st of same month, and ceased on the 
17th of December, 1881, with the following results: — 



Year. 



TONNAGE, 



Coal Tonna(;e. 
(224U Ibfl.) 



18W : 524,988 10 

1881 000.447 00 



Merchandise 
Tonnage. 
(•->240 ILb.) 



105,427 13 
08,791 10 



Total Tonnage. 
(2240 lbs.) 



030,416 09 
000,238 10 









RECKirTS. 








Yoar. 


Coal. 
§5475,000 38 


M 


tTchaiuli^c. 


Mi 


scclluiicoufl. 
,?45,752 40 


Total. 


1 8.H0 


852,284 23 


.S573,133 07 


1881 


485,251 52 




52,5S7 21 

EXPEXSES. 




45,888 25 ; 


5,s.3,727 01 



Year. 



Total. 



Av«*r.i>:«' rt>'«t ptrton. 



18S0 i?100,052 32 24 cents. 

1881 171,873 00 22 " 



The foiv^oin^ statements show a gain in 

CJross tonna^ro of G8,822?>|] tons, or 10 j^,, ])er cent. 
(Jross receipts, a gain of fS10,'")l).').04, or 1 ^^^- per cent. 
Kxpcnses, an increase of §1,921.28, or 1 j\y per cent. 



51 



The cost of maintaining and operating this canal per gross ton 
has been 29^*^ per cent, of gross receipts. 

The drought commencing in June and continuing until late in 
November had the effect of reducing the tonnage and earnings of 
each boat, and increased the wear and tear of all the boats, neces- 
sitating repairs every trip. Boats were detained at nearly all 
points of this canal during the drought. 

The following statement shows the number, class, clearances, 
coal tonnage, and percentage entitled to and received by each class 
of boats plying upon the Schuylkill Canal during the season of 
1881: 



CLASS. 



: Average 
: Tons 
in Cargo. 



1 ! I 

;Nuinl)«r I 

of ! Percentage. 

Boato. I 



Number i 

of 'Percentage, 
i Clearancee. 



Company 176 

Leaded and free.. 1C6 



Total. 



284 

189 



473 



GO 
4U 



100 



2026 
1461 



3487 



/)8 
42 



100 



a>ai 

Tonnage. 



368,289 10 
242,167 10 



600,447 00 



Percentage. 



59 
41 



100 



The Susquehanna and Tide-water Canals 

Were opened for navigation on the 11th day of April, on 
which day clearances were issued from the offices at Havre de 
Grace and Wrightsville. 

The lock-keepers were dispensed w^ith on the 15th of December, 
except the lock at Shure's Landing, which was kept open to 
accommodate a Flint industry at Conewingo for a few days 
longer. 

Tlie Canal was closed on 24th of December at Wrightsville, 
which wjis the date of closing Pennsylvania Canal at Columbia. 

The result of the year's business is shown in the following 
statements: 

TONNAGE. 



Year, 



Coal Tonnage. 
(224^) Ibrt.) 



1880. 
1881. 



246,010 10 1 
201,808 00 j 



Mercliundii^p Tonnage. 
(2(KK) \\m.) 



80,753 00 
80,(>32 00 



Total T«»nnngo, 
(-J(N)<) Ibd.) 



302,294 17 
340,250 19 



Decrease 14,211 10; Decrease. 121 00 Decrease. 10,037 18 



62 







KECEIPT8. 






Year. 


Goal. 


Merchandise. 


MIscellaneoas. 


TotaL 


1880 


$34,916 78 
42,983 72 


$18,708 69 
17,060 78 


$1,635 08 
15 00 


$55,260 55 


1881 


F^QQQQ 4fi 




1 ' 

1 


Increase 


. $8,016 94 


Dec. $1,657 96 


Dec. 1,620 08 


Inc. $4,788 90 



KXPEN8E8. 



Tear. 



Total. 



1880. 
1881. 



$35,979 40 
45,952 47 



Average co«t per ton 
(2000 Ibe ) 



Increase... $9,978 07 



9/y cents. 
13A " 



Inc. 3^ cents. 



Statement in detail showing the total expense of operating and 
maintaining the Company^s Canals, and the cost per ton as charged 
to the several expense accounts for the year 1881 : 



CLASSIFICATION OF 
EXPENSES. 



Collectors' w.i<;e3 

Locktenders' wages 

Shipping, loading, and trimming. 

Repairs and maintenance 

Steam towing between Columbia 

and Wrights villc , 

State tax on gross receipts, «tc... 
Sundries, olBoo expense?, &c , 



SCHUYLKILL CANAL. SUSQUEHANNA CANAL. 



Amount. 



$7,121 4U 

28,952 S^ 

:VA,5:\0 60 

95,.'540 28 



Total , 



4,302 71 
2,626 64 



$171,873 60 



Cost per ton. 
CeutB. 


Amount. 


Cc*! per ton, 

(20()U U«.) 

CeiitM. 


1 


$2,326 32 
6,433 44 


1ft 


1 

12^ 


29,683 44 

2,846 84 

319 92 

4,342 51 

$45,052 47 






22 


i->A 



Schuylkill Caxal Transportation Line. 

The tonnage carried by line-barges compared with the year 
1880 shows an increase of 67,688^^ tons; the receipts, an increase 
of §30,521). 1 8, and expenses, an increase of §50,325.70. 

The increased cost of boat repairs this year is a fraction over 46 
per cent, greater than that of 1880. The extraordinary repairs 
(rebuilding) of a large number of line-boats at the Company's 
docks, as well as at outside yards, was occasioned by their liaving 
been in service nearly a lifetime, the hard usage subjected to whilst 



blocked ID the ice, and the unusual wear and fear incident to freight- 
ing and wintering in New York harbor during 1880 and 1881. 

Included in the expenses of the Schuylkill Transportation Liue 
is the coBt of water-wheel and superstructure, about $800, two 
new bar|^, amounting to f3,600, and the cost of thirty mules, 
$3,736.67, leaving a net profit of $13,568.24, as per statement 
appended. 



g"B*i"B 





i 


.« 






,!#** 


^•B^ 


J 


» 


iby 


■€-e«&&*^ -e-e-e 


■« 


^ 


«»c - oc 


ig 


.5 








^ 
























I 
g 


1 


5 " 


=- 


* 




S |i S S S£SS 2 


i 


•3 


1 


3 '1 S 3 SgSS S 




1 


« 1 -1 ■>_ »E-- « 






i 


S |{ 


- S 1 s 1 






1 


1 


1 lis 


:! 

~ 










S£ 








a^ 


nn-onn »« = «]-■ 


•5. 




















i 


3* 


" 


»,-.-.»". ■s.'^S.-. ft. 












1 




^S 


a"" 


= SS '""S ^ 


1 




s s 


~sr 


^ 


1 


1 ! 


s 

". 










■5. 




s 


*i 










&^ 


n U5 s s n on D_«o CO 


J 




1 15 


51 i JlSSsSSis 


£ 


i 


\^i 


r 1 s" 










i i i 1 M 


li i 




.' 




1 


i 


J 

i 
1 

1 


iiii 

IIJ3I: 


ri i 
Ilii 

bis 
IIII 





IT 



I. 
h I 



i i 

r I 



64 



Schuylkill Canal Transportation Line. 

The annexed statements show the number of barges belonging 
wholly to the Company at the close of the year, and the mule 
stock account for the year. 

In service on S.obajlkill Canal and awaiting repairs 330 

New barges acquired during 1881 4 

Total 334 

The number of barges repaired at Company's Schuylkill Haven Boat-Tard wa« 655 

Number of above barges docked 440 

" " '* rebuilt and painted 116 

" decks painted only and repaired 46 



u it 



Mule Stock Statement, year ending November SOth, 1881, 

Mules on hand December Ist, 1880 344 

Purchased August, 1881 36 

Totel 380 

Less: Transferred to P. A 11. R. R. Co., Brorfd Street 30 

Died ^ 18 

Condemned and sold 2 50 

Total on bund :i30 



Fit for service next year 275 

Condemned 20 

Shipping Department, Schuylkill Haven Landings 25 

•* Port Clinton Lauding 3 

Farqubar Farm 4 

Reifsnyder Farm 3 



ToUil 330 



Respect f 11 1 ly, etc., 

T. C. ZULICK, 
Superintendent of Canals, 



55 



BEFORT OF CHIEF ENGINEER OF CANALS. 

Office of Chief Engineer of Canals, 
Reading, Pa., December 20th, 1881. 

J. E. WooTTEN, Esq., 

General Manager. 

Dear Si|i, — I respectfully submit the following report relative 
to the repairs and maintenance of the Canals for the fiscal year 
ending November 30th, 1881, 

Schuylkill Canal. 
The expenditures have l)een as follows : 

Ordinary repairs of the Canal $67,250 01 

Extraordinary repairs of the Canal 3,884 83 

Maintenance of shipping landings 4,609 43 



Renewal and improvement of works, including re- 
building dams $17,553 05 

Water-powers, including engineering 2,042 96 



$75,744 27 



19,596 01 

Total repairs and maintenance for 1881 $95,340 28 

" *' " " " 1880 99,925 60 



Decrease $4,585 32 

The Canal was opened for business on the 14th of March, after 
a winter of great severity. The ice which covered the pools 
of the Navigation was of unusual thickness, and when broken up 
by a freshet in the river on the 10th of February, formed a suc- 
cession of gorges; one at Stoudt's Ferry, above Reading, attaining 
a height of 14 feet, and another at Mauayunk, 22 feet, submerging 
the works. Tlie vast quantities of ice passed off without material 
damage to the Navigation, except at one point, namely, Kernsville 
dam in the Blue Mountains, where a breach 90 feet in length was 
made. This dam, built in 1835, was one of the original structures 
of the Navigation, and had withstood the floods of forty-six years. 
A temporary repair was made in time for the opening of naviga- 
tion on the 14th of March, and early in June the construction of 



56 

a new dam was commenced. It is located a few feet below the 
old structure, compared with which it is a strong and superior 
work. The western abutment and guard-wall is of cement ma- 
sonry, taking the place of dry wall and crib work. This work 
was completed on the 30th of September, at a cost of $10,430.29. 

At five other dams on the Navigation, renewals, costing 
$4,661.56, have been made, the more important of which are the 
building of an entire new set of sluices in Dam No. 11, Landing- 
ville, a renewal of the comb and back s\o\^ sheeting of No. 20 
(Leize's), and the renewal of four hundred and twenty-eight feet 
in length of the combing and sheeting of No. 29 (Norristown). 

The abutments and centre pier of Setzler's aqueduct were re- 
built in cement masonry during the winter season of 1880—81, 
and the bottom timber and flooring renewed at a cost of $1,583.96. 

To the equipment has been added four new repair scows. 

Preparations have been made and the necessary material deliv- 
ered for the reconstruction of the feeders at Lock No. 68 (Flat 
Rock), through which water is supplied for power to the manu- 
facturing establishments at Manayunk. The work will be prose- 
cuted during the close of navigation, and in its plan and construc- 
tion will be adapted to a new darn to be erected on a site 900 feet 
below the existing structure, which has endured, without exten- 
sive repairs, since the year 1839, and which can be maintained 
safely during the perio<l of three years over wniich it is pro}>osed 
to extend the building of the new work. 

This season has been remarkable for the most continued and 
severe drought ever experienced in the valley of the Schuylkill. 
All interests alike suffered. The supply of water for the Naviga- 
tion was at times extremely linnted, but by our usual means of 
storage and supj)iy by the manipulation of flash-boards upon the 
dams, the trade was passed regularly at all points with only slight 
interruptions, caused by the necessary requirements of water-power 
mills, except upon the twelve miles of Navigation above the Blue 
Mountixins, where the trade suffered serious detention. The ex- 
perience of the past three years on that part of the line indicates 
the necessity for a larger reservoir su])ply, which can be created 
on the Company's lands in the Tumbling Run valley, sufficient 
for the wants of the Navigation by an expenditure of about 
§^30,000. 



57 



Susquehanna Canal. 

The cost of repairs and maintenance as compared with the 
previous year has been as follows : 

Ordinary repairs of Canal $21,883.41 

Extraordinary repairs of Canal 8,3(K).03 

Total repairs for 1881 $29,688.44 

«' " " 1880 20,040.85 

Increase $9,648.09 



The Canal was oi)ened for business on the 11th of April. 

The winter of 1880-81 set in on the 20th of Noveml)er, closing 
navigation a few days later, at whi< h time the bed and banks of 
the Canal were in a most perfect state of repair. The winter here, 
as elsewhere, was one of extreme severity, causing ice of great 
thickness to form on the Susquehanna River. The break-up oc- 
curred on the 12th of February, the ice in its movement forming 
great gorges, one of which, at McCall's Narrows, being of the 
height of 68 feet. The Canal was submerged for several miles 
above that point, pack-ice covering the works to a depth of 15 to 
20 feet, and two road-bridges and one side of Otter Creek aque- 
duct were destroyed. 

The Columbia dam, although subjected for several days to the 
severe strain of the moving ice, was not injured. Some damage 
was done to the State fishways in the dam, one of which, main- 
tained by this Company, has since been repaired. 

Following close upon the opening of navigation in the spring 
of 1881, the line of Canal was visited by destructive rain-storms 
and water-spouts, which carried earth, rock, and d6bris from the 
hills into the Canal, forming bars and obstructions at numerous 
points. 

It is j^i^^oipalli/ owing to the damage done to the IxmI and banks 
of the Canal by the ice flood of the winter and the storms of 
June and July, 1881, that the cost of rejmirs for the year is in- 
creased over that for the previous year, but the good condition 
generally of the works is attested by the fact of their having 
passed through such a severe ordeal without the loss of any im- 
portant mechanical structures. 



58 

The work of the year, in addition to the repairs of Jocks, 
bridges, etc., has been mainly the removal of bars and deposits in 
the channels, and the restoration of the work to the condition in 
which it was at the close of navigation in 1880. 

Yours respectfully, 

E. F. SMITH, 

Chief Engineer Canals. 



59 



REPOBT OF CHIEF EJfOINEER. . 

Chief Engineer's Office, P. & R. R. R. Co. 

Philadelphia, January 3d, 1882. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Gowen, > Receivers, 
Stephen A. Caldwell, j 

Philadelphia and Reading Railroad Company. 

Gentlemen, — Herewith I beg to submit the following report 
of the transactions of this department for the year ending No- 
vember 30th, 1881. 



Roadway expenses for 1880, . $1,398,381 89 

" " 1881, . 1,773,574 34 



u 



Increase, . 

Renewal of rails for 1880, . 
" " " 1881, . 



$375,192 45 



$337,809 23 
343,872 24 



Increase, . 
Total increase, . 



6,063 01 
$381,255 46 



60 



Extent of Railroads in charge of Roadway Department^ November 

30th, 1881, 



NAME OF ROAD. 



Mftin Line, Philadelphia and Reading Railroad. 
Norttieru Liberties and Peun Township Branch. 

Port Kennedy Branch 

Lebanon Valle}' Branch 

Lebanon and Tremc»nt Branch 

Schuylkill and Suxqnehanna Branch 

Mount Carbon Branch 

Mahanoy and Shamokin Branch 

Moseleni Bn^nch 

West Reading Branch 



Single 
Track. 



1.2 

9.2 

42.2 

8.6 

63.8 

1.7 

1.9 



Total roads owned. 




Chester Valley Railroad 

Colebrookdale Railroa/1 

Pickering Valley RHilroad 

East Pennsylvania Railroad 

Allen town Railroad 

Little Schuylkill Railroad 

Mine Hill Railroad 

Mount Carbon and Port Carbon Railroad 

Mill Creek Rallnwl 

Schuylkill Valley Railroad 

East Maluiuoy Railroad 

Phila<l(>l|ihin, Gerniant«>\vii and Norristown Railroad 

(^itiwiwtti Railroad 

Philadelphia and Chester Branch 

North INMiiixylvania Hail road 

Delaware and Bound HrtH)k Riiilroad 

NorriHtown Junction lUiilroad 



Double 
Track. 



98.4 
1.4 



44.5 



10.8 



155.1 



21.5 




12.8 




11.0 




17.7 


18.3 


4.5 




28.1 




31.3 


21.8 




2.5 




3.8 


5.7 


5.3 


10.7 




l.-i..") 


20.2 


93.0 




9.2 


4.9 


39.r> 


40.9 


3.7 


27.0 




.4 



ofBoad.iJ{»^ 



98.4 

1.4 

1.2 

53.7 

42.2 

5.3.4 

8.5 

64.6 

1.7 

1.9 



21.5 

12.8 

11.0 

30 

4.5 

28.1 

53.1 

2.5 

3.8 

n.o 

10.7 
33.7 
U3.0 
14.1 
80.4 
30.7 
.4 



156.2 

2.1 

.1 

25.9 

25.5 

9.0 

9.5 

70.7 

.7 

.9 



327.0 ' 300.6 



1.8 

2.3 

1.0 

16.7 

.4 

25.2 

68.5 

13.4 

17.6 

11.2 

4.0 

2J.7 

27.7 

3.1 

38.6 

9.6 

.1 



Totol. 



353.0 

4.9 

1.3 

124.1 

67.7 

62.4 

18.0 

146.1 

2.4 

2.8 



782.7 



23.3 
15.1 
12.0 
71.0 
4J) 
53.3 

133.4 
18.4 
25.2 
27.5 
15JJ 
76.6 

120.7 
22.1 

171.9 

67.3 

.9 



Total roads leased 302.2 151.1 453.3 



254.5 



85S.9 



Reading and Colunibia Kailroad 

Lehantm Bniiuh, U. .t C. H. K 

Quarry ville Bnmcli, R. J^ C. R R.. 
North VaxsI Pennei}lvaniu Riilroad. 



Totii roads controlled. 



39.5 
1.0 

iri.3 
9.0 



66.0 



39.5 
1.6 

15.3 
9.6 



66 .0 



16.4 

1.3 
.6 



55.9 

1.6 

16.6 

10.2 



18.3 



84.3 



Recapitulation. 



Single 
Track. 



Roads owne<l 171.9 

Roadt« kM**iMl 302.2 

RoadM controlled OO.iJ 

Totil 540.1 



I 



Double 
Track. 



151.1 



306.2 



Length 
of Road. 



327.0 

4.'i3.3 

06.0 



Sidings 

and 
Laterals. 



.3<X).6 

254.5 

18.3 



Total. 



782.7 

8.')8.9 

84.3 



846.3 573.4 1,725.9 



i 



61 

The increase of expenditure is partly due to the increased cost 
of material^ and partly to extensive improvements in fitting up 
depots and depot grounds. 

New depots have been erected at Wayne Junction and Consho- 
hockeh^ on the German town and Norristown Branch, at Douglass- 
ville, on the Main Line, at Danville, on the Catawissa Railroad, 
at Werners vi lie, on the Lebanon Valley Branch, and the depot 
facilities at Ninth and Green Streets, on the Germantown and 
Norristown Branch, have been considerably improved by strength- 
ening the roof and increasing waiting-rooms for the accommoila- 
tion of passengers to such an extent as the limited s{)ace would 
allow. 

The new and convenient depot at Shamokin is under construction, 
and will be opened to the trade in the early part of the coming season. 

A new engine-house, capable of stalling five locomotives, taking 
the place of an old one beyond repair, has been put up at Potts- 
town, and a turn-table, not any longer in use at Yardley, has been 
transferred to this place, thereby avoiding the necessity of using a 
Y track, to reach which valuable storage- tracks had to l)e kept open. 

A new Dispatcher's office was built at Tamaqua, and the grounds 
around th6 depot were beautified, making that place one of the 
most attractive stations on the road. 

A new warehouse was constructed at Chester, on the Philadel- 
phia and Chester Branch, to meet the wants of our trade at that 
point, and a water-column, connected with the water supplies of 
the oil-works at Gibson's Point, was put in for the iLse of our 
engines there. 

In the city of Philadelphia safety-gates were erected during the 
year at the principal street-crossings on the Main Line, North 
Penn, and Germantown and Norristown Branches, which materi- 
ally lessen the liability to accident at these points. 

A new stable to accommodate about 40 head of horses has been 
built on our yard at Sixteenth Street, on the north side of Penn- 
sylvania Avenue, and an additional one will be built on Sixteenth 
Street, between Pennsylvania Avenue and Callowhill Street. Four 
new coal yards also will be constructed on the same lot. 

The Grain Elevator at Port Richmond, of a capacity of one 
million bushels, was completed in the early part of the year, and 
has been ever since in successful operation. Numerous tracks to 
accommodate the great number of cars intended for this place 
I 



62 

have been built, and the coramunication from this wharf to the 
channel of the Delaware River, deepened and widened by the 
United States government, has been completed, so that vessels of 
the largest size have ready access to this Elevator. 

The erection of Wissahickon bridge, on the Germantown and 
Norristown Branch, commenced in 1874, and suspended for six 
years, was again resumed in May last, and is now being built as 
rapidly as the quarries can furnish the stone, four piers and one 
abutment having been raised to the springing line. The eastern 
abutment cannot as yet be built, as it will partly fall into the 
masonry belonging to the old bridge, which has to be taken down, 
and the tracks supjwr ted by temporary trestle-works. This is now 
being done, and the remaining new abutment will be finished in 
a short time. The arches of this bridge will be sprung as soon as 
the season will allow, and the whole structure will be finished by 
the end of 1882. 

The improved alignment of this new location of the bridge and 
its approaches makes it necessary to make considerable excavations, 
but as the material thus excavated is used to fill up the trestle- 
work on the Tabor Branch, it answers a double purpose, and 
diminishes the cost of each. At Manayimk extensive grading is 
being (lone for freight yard purposes, and j)luns are l)eing prepared 
for a new depot for passengers exclusively. At Conshohocken 
similar im|)rovoinents have been coninienced, but have been re- 
tarded by judicial interferences. 

The extensive drought of this summer has considerably inter- 
iered with the j)ro[)er watering facilities for locomotive^?, and 
although a new tub was erected at Jauney's, and an auxiliary 
puuij)ing engine put up at Skilhnan's, on the l>ound Brook Koad, 
and a new steam-engine placed at Yard ley to replace the turbine 
wheel, yet the facilities are not suflicicnt for a recurrence of such an 
unprecedented calamity. Steps are being taken for a better water 
supj>ly on all parts of the road. An enlargement of Mud l^un 
dam, on the Mahanoy and Shamokin Branch, from 40,000,000 
to 101), 000,000 gallons caj)acity is now under way, and numerous 
additions to our water supply on the Catawissa Railroad are in 
contcMuplation. 

Four new sigual towers have been erected on the North Penn 
and Bound Brook Branches durin<( the vear, and these branches 
are now considered as well guarded. 



63 

Considerable improvements have been made in relaying and 
rebal lasting with broken furnace cinder, part of the Germantown 
and Norristown Branch on Ninth Street, Philadelphia, but on 
account of the difficulty of doing any work in the shape of repairs 
at all, caused by the almost constant occupation of the tracks by 
regular or shifting engines, the progress of the work is very 
slow, but will steadily be continued. 

On the Little Schuylkill Railroad an improvement in the 
alignment has been effected between Hecla and Cook's bridges 
and at Springer's Curve, thereby removing very troublesome 
curvatures. 

On the Mine Hill Railroad a new connection was made with 
the People's Railway, thereby enabling trains to make a through 
connection between Pottsville and Tremont. 

A number of new sidings have been built during the year, and 
others extended to accommodate the increased trafiSc of the road. 
Among them the most important are at Fifteenth Street and 
Pennsvlvania Avenue, Pennsylvania Avenue, between Fairmount 
Avenue and Brown Street, on Main Line; Philadelphia, Port Rich- 
mond, Pottstown engine-house, East Penn Junction and Schuyl- 
kill Haven repair shop, Main Line; Thurlowand Gibson's Point, 
Philadelphia and Chaster Branch ; Conshohocken, Germantown 
and Xorristown liranch ; Berks Street yard, Benezet, Lansdale, 
Souderton, Jen kin town, and Somerton, on the Bethlehem Branch ; 
Skill man and Trenton, New York Branch ; Tamaqua, Mintzer's, 
and between East ilahanoy Junction and Barnesville, Little 
Schuylkill Railroad; T^maus Furnace, East Penn. Branch; Sink- 
ing Spring and Colebrook Furnaces, Lebanon Valley Branch ; 
Shenandoah, Girard and William Penn Collieries, Mahanoy and 
Shamokin Branch ; between Quakake and Tamanend, at Dates- 
man's, for Standard Oil Co., Beaver Valley, Ringtown, Jloores- 
burg, Pottsgrove, Catawi.s.sa, Milton, Brandon ville, Danville, and 
Williamsport, on the Cutawissa Railroad. 

The total length of sidings just mentioned, besides a number 
of small ones too insignificant to enumerate, and all laid during 
this past year, is 102,657 feet, or 19.44 miles. 

Yours very truly, 

W. LORENZ, 

Chief Engineer. 



64 



BEPOBT OF SUPEBINTENDENT OF STEAM- 
COLLIERS. 

Port Ricamond, Philadelphia, December 20th, 1881. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Gowen, > Receivers, 
Stephen A. Caldwell, J 

Philadelphia and Reading Railroad Company. 

Gentlemen, — I respectfully submit the following report of 
the oj>erations of the Steam-colliers for year ending November 
30th, 1881. 

The annexed statement will show the monthly business of the 
fleet for the year. 



Montli. 



Tonnage. 



Receipts. 



Expenses. 



Profit 



18H0. 

December 41,000 MO 

1881. 

January 30,285 920 

February 31,2<)1 leoo 

March 48,194 _520 

April 43,245 

Mav 45,0281.'^^ 

June 55,454^^ 

July 51, 7051680 

August 5(>,039i"^20 

September 50,776 "f^ 

October 40,4<;i iwo 

November 44,012 



$51,055 07 $24,882 58 



' 40,051 50 

50,708 83 

51,435 02 

42,447 23 

45,008 40 

50,368 83 

56,040 10 

08,728 07 

07,050 32 

01,349 60 

04,242 77 



32,170 20 
27,070 73 
27,300 07 
42,082 90 
41,340 77 
33,084 97 
30,753 07 
31,324 50 
2r,,027 04 
28,710 00 
20,452 00 



127,072 49 

17,775 21 
23,032 10 
24,075 55 
304 33 
4,327 69 
22,383 86 
10,802 13 
37,404 11 
41,023 28 
32,029 70 
37,789 87 



555,25311^90 §007,153 09 $379,382 77 $287,770 32 



65 

The following table shows the results of the business for several 
years past. 



Year. 



Tonnafi;e. 



1872. 
1873. 
1874. 

1875. 
1876. 



127,275 

135,673 

217,340 

928 
145 



f Mdse., 6, 
1 Coal, 345, 

f Mflgc, 19, 199 J 
1 Coal, 490,11 

Igy* ( Mdse., 3,12 

^' 1 Coal, 599,36 



Receipts. 



Expenses. 



15J 

28 
36Si, 

tQ*o flMdfo., 5,979V 

^^'^ 1 Coal, 574,99U; 

18-9 i Mdse., 5,076 J' 
( Coal, 605,198 , 

IRsn i Md^e., 12.285 ! 
( Coal, 545,600 

1881 Coal, 555,253^ 



$:«5,460 03 j $237,818 26 

309,296 33 202,111 04 

300,636 26j 294,045 41 

491,039 50 418,479 61 

I 

657,901 12; 460,874 58 

i 

652,454 87; 411,723 37 

574,699 03 342,273 45 

674,260 93 315,397 60 

607,646 64 384,057 32 

i 

667,153 09 379,382 77 



Conipr'd with 
1880 



Decrease, 



Increase, 



Pccroftse, 



Profits. 




AverRi^ rate 
received 
per ton on coal. 


$117,641 


77 


$2 62 


107,185 


29 


2 


32 


6,590 


85 


1 


29 


72,559 


89 


1 


15 


197,026 


54 


1 


06 


240,731 


50 


1 


03^ 


232,425 


58 




9U 


358,863 33 


1 


07^ 


223,589 


32 


1 


04 


287,770 


32 


1 


20 



2,631^ $59,506 45' $4,674 55 



Increase, ' Increase, 
$64,181 00' SO 16 



The item of $379,382.77 expenses for 1881 includes a charge 
of §70,200.00 for insurance. The insurance fund is now in credit 
$400,252.12. 

During the year the amount of .^46,004.00 was paid for the 
prompt unloading of the steamers. It rej)resents a saving to the 
fleet of 688 davs out of the time allowed for unloading:. 

The increa.se in receipts as compared with tho.se of 1880 is due 
entirely to the better rates of freight prevailing, while the decrca.se 
in number of voyages and in the tonnage is due to the following 
causes: 

First. — To the excessive winter of 1880-81, during which tlie 
movements of the fleet were seriously einbarras.sed by ice in the 
Delaware River and Bay. As compared with the previous open 
winter, a decrease is .shown in voyages of 25, and in tonnage of 
18,895. 

Second, — To the extended drou^^ht in the coal regions, whereby 
the limited coal receipts at Port Hichmond resulted in unusual 
detention in the loading of the ships. 

6 



66 

Third, — To the delays at points pf discharge occasioned by 
strikes among the stevedores, and a lack of cars to receive coal to 
be distributed into the interior. 

During the year the steamers were engaged exclusively in the 
coal trade, the nature of which makes it apparent that an addi- 
tional vessel of the capacity of tlie lost steamer Leopanl — and 
with a compound engine — should be built to meet the increasing 
demand. This could be accomplished by an outlay of about 
$125,000. 

With this addition it is believed that all present requirements 
can be met, the advisability of further increase in the fleet being 
a matter which should be governed by the future condition of 
business. 

The yearly exi)enses cover the following extraordinary out- 
lays, viz. : 

Tho substitution of iron for wooden hatch coamings and cover- 
ings, and the link for the hook motion on engines, as referred 

to in tho h\st annual report $12,24o.45 

New keels for steamers Kattlesnuke and Centipede... ;. lO,234.24 

Placing and fitting new thrust bearings in tho six largest ships... 1,758.20 

Total .?24,2;i7.H'j 

As compared with the previous year, it is gratifying to report 
a decrease in every item of ex[)ense, save sliips' rej)airs, in which 
there was an increase of >?2.*>,3 49.27, chietly due to the extraor- 
dinary outlays above mentioned. The total of all other expenses 
was reduced to tlie extent of 828,023.82. 

Tlie tleet is now in an eilicient condition to meet the w^inter's 
business. In the spring, in addition to the annual overhauling, 
the following extraordinary repairs, with estimated cost, should be 
made, viz.: 

Outside sheathing willi yoUow j)ine, from keel up, steamers 

Kattlesnake and Centipede $10,000.nn 

Cvliiidricul boilers for slcumers Puiulier and Achillea lo.lHjO.C^) 

Yellow j^ine d(.'<.k planking, live lurjjjo stcnmcrs 1'),">(M).()0 

>t'«'W keuls, sloamiTs Panther, Achilles, and llercule.'* 18,S(MJ.00 

►Steam pumps for eiixht ^teamer^ 8,OwO tH> 

Kenewing tojts of wuler bottoms, steamers Centipede, l*anlluT, 

Hercules, and Aehillo n2,'.)(XMX) 

Total $10»>.2(.o.(K> 



07 

While with this outlny the exj>enses will be increased alx>iit 
J83,000 over those of the present year, an estimate of the busi- 
ness for 18812, taking into consideration the loss of tonnage during 
repairs, would be about as follows, viz. : 

BeceipU, freigbU on 550,000 (oni coal, at $1.25 ^87,600.00 

Expenses (including extraordinarj repairs, as above) 458,000.00 

Proflt 8229,600.00 



The following table gives the i 
the ships of the line : 



es, tonnage, and service of 



SUuun. 


s 1 a! 




1881. 


|| Tod... 






ii|!'-^ 




lL_L 


1 "^ 1 - 

i 1 1 9 


jj 


1 


i ' i 1 

iill 1 


M 
i 




' 41T.U. «W 


juiH. Htm 3.1 


ifp.wm 


si.ino, 410 iKfjm 


sal .TIM 


raifcz. 


*l«J>g' KUSeilt; lW19,3tt 




3:Ua>' 4M, 317,Mnji 


4(M,1M 


, WtAi l.rBSM»™h,iBin':iii 






M4,»"I7 




1 TM^t 1,02* MllT, IMO i>T 


87 JW 


34^101 : HM M6;44a^ 


3m.llKT 


t L«iwd* 


1 J«lJ 1K70 




1 1142 Iin.iaT 


!fflS,MT 


B Puilhw 


, aof>.io' KSAMf^ ma m 


».B.M 


sl*»' SiHi t9a,m 


.W.T4H 




i,»i3.an i.sfw April, «ni4o 




88,310' !4U a»4,909W 


i42.9H» 




i*o«i i,«.«i.im,., mt XI 




3»,«l* 282 4«,(IBaJl 


BIS.T31 




IflBM lJIBaJ„ly, fl4 W 


83.1.10 


*U«1, 2M| 3«e,OI8}l 


KMN 




iijtaja i»»Jv,if. «),» 


«.»l:l 


;aw) K*! ai3,(i«J, 


M*,«H» 


11 Ihirk*. 


mm wttAHj., m'xi 




8S.«60l aw 18e,117j, 


M.VW 


It WIIHuM|»n.. 






ia,4«i| SK 373,»nji 


tofin 


11 AllMlvwn.... 


istaou i|ii.iniict., ini M 


SB,-.:* 


W,sw M7 ass.Tnii 


IfOfitl 




'l,MiflO, l,MODw., SI* S7 


ci/na 


Mlm aao^ aaiiosB^ 


Z10/.48 


T0t»U 


12,3(7.70 lS,00(l' jtM 


KifiH 


m,0flO 4063 4,403.422 


3,9ag,lB5 


•LoMlnJuD^l 


ras. 










Very respectfully, 








W. 


R. GA 


LLAGHER, 












Superintendent. 



■^ 






THE PHILADELPHIA AND READING 
COAL AND IRON COMPANY. 



STATEMENT OF 



General Income. 



GENERAL BALANCE-SHEET 



REPORTS OF THE 



CHIEF ENGINEER, 



AND 



Superintendent or Rolling-Mill, 



WITH ACCOMPANYING 



STATEMENTS. 



/u 








• 




8 


1* 


r^ 


a 




•■4 




«• 




« 




K 


• 
V4 




s 




r^ 



8 
§ 

3 



8 



«i4 



n 



e 



3 



e* 



!» 


6 




** 


o 




^4 








m 




S 






5~ 




s 






9* 


c 




r« 


& 




ft 



5 

ft 




i 



ft 



§ 



8 






8 



>^ 









*^ 



O 



a 

s 



c 



I 



i 



I 



i 

rs 
I- 



'i ? L' ~ !? 

•,i *.' £ = 2 

S -^ " r. ^^ 
r^ A f ;; 



r> — — « '« 
c ~. -• I- — 

i ^ •" I't I- 

5. L' ij ?; h, 



-' — X r< 



9> 

i" 



s 



•c I- 1- 



I- C 



>•; — 1- 


CM 


ft 




-• «- M 

c- .- X 






?.? 






•J 
I 

5 M — ."^ 

•»— 

A r- a T* 

ri ~' "# » 
— M «5 






ft 






i? 

.o 



r 






(^7 



m 



a 






C:-!- 



f; - •= 



a 



a 

u 
a 
a 
o 

P 



•-ST. - 



iS = k. s 






a 

a 

A 
P 

-a 

o 



liV7 

r; - i 



o • • • 

P •.^- 



^ 



■». 

3. 



"^ t T. T. 

C - V 



O 

o 



CM 



I- 






P 



^ 



u 



«. •» 



a 






tl2 

H 



H 

O 




lit 



-i 







SBiEBraiscBisa 


*"" 


SUms^HSi^Ea 


8 


£SS^g|a-v=a=-ag 








« ause aaiEBS! 




^: 52.13, SMSSEI 


.-5 
















,.j. 




H:iM-i 




■; 


'vm-i 


li 


■MM-i 


M 


ili.:!=l : 






■ ! I 



72 



Dr. 



BALANCE 

PhUaddphia and Reading Coal and Iron Company 



]>uiixo Tkab 1881. 



IncreftM. 



CAPITAL ACCOUNTS: 

Goal laiulB, 

Timber lands, 

IruiiKtre luiulit, 

Other real wtate, 

Colliery iin|ii\>vetnoiit8, .... 
*' equipnietit*, .... 
Dead work at coIUeritMi, .... 
Supplier at collioriu), .... 
Leuebuld cuIIieneH, .... 
Iruu«ore uiiiie ImpntveineutH, 

** ** oquIiMiiditB, 

Dead work at iruu*ure mi nee, 
Supplies " " " . . 

IruuH>re cara, 

luproveiuoubs at Pliiltulelphia retail 

y»rd«, 

Mineni* and other liouBeri, 
"Waste House liun Water- Works, . 
Indian Ilidge •• «. 

West Point Ore Railroad, 

Steani tUK**AtlHntiiV' . . . . 
Stocks and bonds owned by the Coniimny, 



ASSETS : 

Gash on hand, 

Bills receivable, 

(/oal bills duo, . 

Ilent "... 



$40,939,937 64 
' ftQO^iO? 50 
65r>,H19 60 
1,345,328 44 
6,808,317 08 
1,200,494 54 
918,091 02 
60,890 07 1 
1,513,707 29. 
132,6:J7 20 
20.rW9 78 
44,978 50l 
1.40S 59 
22,295 00| 

I 

204,264 45 

684,225 44 

17,294 a'i, 

10,:i54 7o: 

1,638 51 

3,(XK) 00 

5,152,698 85 



«60,384,279 11 



8l6/>46 26 

481,427 73, 

890.191 57 

73,998 (K** 



$168,743 84 



115,897 58 
20,191 65 



Debts due to the Conipuiiy and to tho 
lleix'ivei-s: — 
Fur luaiiH ami advancet; to otlier Coiu- 

panifri ami Iiulividiialtt, . 
•Sundry accuunUi, 



Sl,4C7,0fKl CI 



?7.t3,4Sfl 97 
1,2(H),002 92 



1,934,089 89 



Furnaces, rolling mills, and otlicr prui>- 

ertiejj, 

Stocks uud Ik>ii(1!> ownod l»y tho Cumpany, 



Supplies and nmteilals on hand, . 

Iron-ori' on han*l, Hiiil ton**, . 

Coalon liand at shipping iM.int.H,114,r)S55i 

tOIIH, 

Coal on hand at yanis and dep«)U<,.'JG,948 m» 

tons, 



CiMiiMjns of debenture iMMidit n»)t yet nia- 
lure«l, but funded into l'hila<ielphia 
and Heading Kailruad(Vmpany*f>(-iip, 



INCOME ACCOUNTS 

Loss <d previoUf* yejir-s, . 

Intereisl account, previiius years, . 



Le.-^s balaucc t.» credit i.f profit and lo.ssj 

account, ISNl, 

Le5»s interest account, is.sl, 



20«,831 31 



S>-)4S.014 U 
l.il,413 (J<), 



?_'90,:)8.l 4'.>; 
3.1:55 50' 

408,557 5.'ii 

17.1,871 90 



30,256 10 



680,327 11 



12,184 12 



876,148 44 



4,958,229 0.'. 



57,015 00 



!$2,:i72,4.-4 l-» 



Sl.l9'.t,44r. 12 
1,1')^,777 03 



?7,:.40,971 87 



4(),fi07 49 7,5()9,3<4 3.s 



Decreas 



$3,422 01 
20^M0 46 



982 W 



69,201 47 
45,949 46 



59,794 76 



356,605 61 



204,4f»7 5(5 
6,430 y*\ 

198,764 42 



113,190 iNt 



44 •.667 4!» 



Less amount of increase, 



S72,W}^,827 :A rr62,H>4 66 $1,179,945 31 

762,lt4 66 



Total amount of do^^rvufio. 



• * 



|417,84<) ei 



and Beccivers, November SOth, 1831. 



CAPITAI. ACCOUNTS: 



BoBdi and mciREBrn on real ntsle, 
lx>ciutdii1« Vvtil C'vmiiaiit'fl *kt«Ddi 
ku, due Id IHBS, . . 



\KfKOK 



Bond and morijca^ lirid bv the PhLlH' 
dtl|>lila <.a.\ HHiIlnir llallrvod U>iu- 

B^d and Dn>iiBiijn hfld liv thv Plilli^ 
Mphia and BwUnR Railrvad Ood.- 
pau), daled DHcutxI SeUi. IHTC, 

IHb.nlD™boiidi,lgTI-lSW, ... I 
Capital Uvck | 

lilABILITIEB: 



- »»,T3T,l)eB Ba 
1,731,1X0 00 
8/100,000 00 



FlMlloe dtbl, . 

tV,nLnt.T..tjilIh ,J 
SfW 'ni..., 



43,: 60 TO 



Plillad«l|>hlB I 

Cmymti,', ta 

Fhllailrliihia ■ 



lSn,31S Tl 



K7J,W«,8a: M 1701,204 2J J1,1M,<H4 W 



Total aBonDtotdtci 






74 



REPORT OF CHIEF ENGINEER. 



■ <•» ■ 



PiiiLADELrniA AND Readin'q Coal axd Iron Company's Office. 

PoTTsviLLE, Pa., December Ist, 1881. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Go wen, VEeceivers, 

Stephen A. Caldwell, J 

Philadelphia and Reading Coal and Iron Co. 

Gentlemen, — The following rej>ort of the operations of the 
Department of Mines of the Pliiladelphia and Reading Coal and 
Iron Company for the year ending November 30th, 1881, is 
respectfully .submitted : — 

There are on the lands owned and coutrollcKl by this Company 
seventy-('i(j:ht (7<S) collieries, exclusive of the small oj)erations. Of 
this number ibrty-one (41) have been worked during the year by 
this Company; twenty-one (21) have l)c<,'n leased to other parties, 
and sixteen (IG) have been temporarily idle or undergoing repairs. 

This Company has also worked nine (9) collieries leaseil from 
the owners of other lands. No new collieries or leases have l)een 
acquired during the year. 

The followin<^ fi<j:ures show the tonnaj^e for the vear: — 

!MiiiO(l ])V the Coiniuiny from lands owned and ciHitruUed 3,202.224.0') 

Mined by tlie Coniiianv iVoni other land^; ♦)4r>,*lv^3.07 



Total t'Hinage mined by the Company 3,937,007.12 

Mined bv tenants from lands owned bv the Com- 
j.any 1,129,891.03 

Alined bv tenants from lands controlled bv the 

Company 355,101.13 

1,484,992.10 



Total tonnage 5,422,000.08 



75 

The tonnage mined by this Company shows an increase of 
477,144 tons over the shipments of the previous year, and is equal 
to 19,850 tons per day for each full day worked. This tonnage 
has only been excee<led in one year, viz., 1879, during which there 
was no restriction of mining by agreement. 

Mining was suspended by agreement during fifty-one (51) 
working days of the past year. Heavy water in the mines in the 
spring, following the heavy snows of last winter, and the extraor- 
dinary dry summer and fall, which cut off the supply of feed- 
water for the boilers, contributed largely to reduce the shipments; 
but for the above causes the shipments of the year 1881 would 
probably have reached 4,750,000 toas. The collieries operated 
by this Company are in excellent condition, and are prepared to 
ship at the rate of 440,000 tons for each full month worked. All 
preparatory and dead work for the next year, such as gangways, 
chutes, headings, air-ways, tunnels, cut coal, etc., and also the out- 
side improvements, breakers, and machinery, are well advanced, 
and are fully equal to any anticipated requirements. The cost 
per ton for mining coal for 1881 is one dollar forty-nine and 
seven-tenths ($1.49^) cents, being an increase of six and one- 
tenth (63^) cents per ton over the cost for 1880. This increase is 
due to the advance in w^ages paid to miners, to the method of re- 
stricting production, to the advance in the cost of supplies, to the 
extra expenses for pumj>ing in the spring and hauling water to 
the collieries in the summer and fall, and to the amount of dead 
work done and improvements made. 

Our collieries have workal 198y^j5^ full days in 1881 as com- 
pared with 173^5^ in 1880, 243} in 1879, and 167^^ in 1878. 

The sura of about ?300,000 has been exj)cnded during the 
year in improvements, such as breakers, machinery, slopes, and 
tunnels, and our inventories show an increase of $152,625 in the 
amount of dead work, and §44,587 in the amount of e(juipments 
and supplies, as compared with the end of the year 1880. The 
total of these amounts, §497,212, is equal to 12^,5^ cents per ton, 
and all of these expenditures are included in the ^lAd^^ cents cost 
per ton given above. 

The iron-ore mines have been idle during the year, excepting 
the Cumberland Ore Banks, which have been worked 156i davs. 
These banks were also idle 55 davs for want of water to wash the 
ore. 



76 

The repair-shops at Pottsville are fully occupied on the neces- 
sary machinery and repairs for our collieries, and they have pro- 
duced during the year 1881 the following castings, forgings, 
boiler-work, etc. : — 

4,638,207 pounds of iron castings. 
1,117,895 ** " forgings. 

447,594 " " boiler-work, 

tie, 299 *' ** brass and gun metal castings. 

Very respectfully, 

S. B. WHITIXG, 

Chief Engineer. 



77 
STATEMENT A. 

Totau^JroM CoUierie* operated by the Philadelphia and Reading Coal 
and Iron Compang. 



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82 



STATBMEITT D. 

Statement Aowing the Cost per Ton of iron Ore aJt A^ppm^ pomt 
not indudinp' royalty J for eight yean^ to November SOth, 1881, 



1874. 
1875. 



1876 (eleven monthB) 
1877 



1878. 
1879. 
1880. 
1881, 



Total. 



Tbu mined. 



Oottat 

Sbippinff Point, 

\em Boyalty. 



OoftptrViMi 
nt 



26,099 17 


f55,764 59 

1 


• 

92 18.6 

■ 


70,998 12 


110,007 59 


1 M.8 


86,407 08 


54,856 42 


1 49.8 


47.672 14 


48,676 48 


91.8 


88,488 15 


37,685 85 


1 12.7 


6,615 06 


20,242 68 


3 06 


29,668 12 


47,763 08 


1 61.6 


11,361 00 


24,257 35 


2 18.5 


262,062 04 


$393,742 44 


1 

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85 

REPORT OF THE SUPERINTENDENT OF 

ROLLING-MILL. 

Philadelphia and Rkadinq Coal and Iron Co., 

Reading, Pa., December 22d, 1881. 

JifEssBS. Edwin M. Lewis, ' ^ 

Fbanklin B. Gowen, > Receivers, 
Stephen A. Caldwell, j 
Philadelphia and Reading Coal and Iron Co. 

Gentlemen, — The annual statement from the rolling-mill, 
showing the operations, expenditures, &c., for the year ending 
Uovember 30th, 1881, completing onr fourteenth year, is here- 
^th respectfully submitted. 

The product consisted of 21,574.18 gross tons iron rails, 
2,697.16 tons steel rails, 1,047.07 tons splice plates and bolts, 
and 263.16 tons steel crop ends, or a total merchantable production 
of 25,583.17 gross tons. 

Of this amount the Philadelphia and Reading Railroad and 
branches took nearly three-fourths, the remaining fourth being 
sold to outside parties. 

During the year the mill was stopped nineteen days for repairs 
and holidays. 

With old rails at $27.98 per ton, and pig iron at $18.45 per 
ton, the average cost of the new iron rails was $42.68 per ton, or 
for re-rolling $14.70 per ton. With steel blooms at $48.33 per 
ton, the new steel rails cost $58.85 per ton, exclusive of any 
charges for rent or interest. 

You will please note that the materials on hand at the com- 
mencement of the year were inventoried at $262,498.95, which 
was reduced at the end of the year to $66,289.23, by reason of a 
less quantity of new and old rails and steel blooms being in stock 
at the latter time. 

The total net profit for the year is shown to be $81,252.04. 

The buildings and machinery have been well maintained, and 
are in an excellent condition for another year's operations. 

The usual report is appended, showing the wear of the " P. & 

R." iron rails in the tracks of the Philadelphia and Reading 

Railroad. 

Very respectfully, 

W. E. C. COXE, 

SuperirUendeni of RoUing-MUl. 



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REPORT 

PRESIDKNi AMI M.A.NAi.hKS 

STOCKHOLDERS 

M\t ||luliulel(il\ia it- l^fiulinn jplroad |o. 

Cbf ^bilallrlpjjij f: Jfnliuig ((mI <' Irnii Co. 

REPORT 

OPERATIONS BY THE RECEIVERS 

r£JH ajfDixa xovemher amh, isai. 



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REPORT 



OP THE 



PRESIDENT AND MANAGERS 



TO THE 



STOCKHOLDERS 



OF 




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AMD 



®Je ^PJilabelpJia ^ glfabing ({cal t^ Iron Co. 



TOGETHER WITH THE 



REPORT 



OF THE 



OPERATIONS BY THE. RECEIVERS 



FOB THE 



YEJLR EJfDIJfO JfOVEMBEB 30th, 1882. 



»♦ » 



PHILADELPHIA : 
Allen, Lanb <& Scorr'a Printing House, 

229-281 South Fifth Street. 
1882. 



Beport of General Manager— Transportation and Canala, 4H 

" ** Chief Engineer— Boadway, W 

" " Superintendent of Steam-Colliem, 70 

Beeolutions of stockholders, 17 

Tonnage and passengers— Statement A, 56 

Transportation and income, .SO 

Business of the Bichmond coal-barges, 36 

" " Schuylkill Canal and Tranqwrtation I^ne, 84 

" " Susquehanna Canal, 35 

" " Steam-colUers, 35 

Interest on bonded debt, 37 

Ket earnings of Bailroad, 32 

Beceipts, 30 

Bentals of Leased Boads and Canals, 36 

Total expenses, 32 

PHILADELPHIA AND BEADING COAL AND IBON COMPANY. 

Accidents at collieries— Statement £, 87 

Balance sheet, 76 

Beneficial fund— Statement F, 88 

Coal — Cost per ton— Statement C, 85 

General income account, 74 

Iron ore — Cost per ton at shipping point —Statement D, 86 

Bails used in P. & R. tracks, 91 

Reading Rolling-MiU, 90 

Report of Chief Engineer, 78 

" " Superintendent of RoUing-Mill, 89 

Tonnage from collieries operated by the Company — Statement A, 81 

Tonnage from leased collieries — Statement B, 82 



TO THE 



STOCKHOLDERS 



OF THE 



PHILADELPHIA & READING 



RAILROAD COMPANY. 



Referring the shareholders to the report of the Receivers, 
and its exhibits herewith submitted, for information as to 
the receipts, expenses and traffic, the Managers submit the 
following 

REPORT 

of the financial operations of the Company for the year end- 
ing November 30th, 1882. 

The following table shows the payments received on ac- 
count of the Deferred Income Bonds : — 



Allotments, Allotments, Total InstalmentK, Instalment?, Total 
England. America. AUotmentn. England. America. Instalments. 



First insUlment, . 121,837,760 00 H.&'^l.OOO 00 $90,068,750 00 $1,311,190 l» |2M,060 00, $1,666,250 66 

Second insUlment, 22,025,860 00 3,247,400 OO 25,873,260 00 906,946 tUi 129,896 OO' 1,035,842 30 

TMrd InsUlment,! 22,160,200 00 2,908,150 00 25,068,360 00 2,217,807 (W 290,815 00 2,508,622 09 

Fourth instalment,' 22,068,300 00 2,862,150 00 24,930,450 00 2,208^127 286,215 00' 2,494,776 27 



I 



$6,643,505 30 $961,986 00 $7,605,491 30 



Herewith is submitted the form (exchuling description of 
property) of a mortgage executed by the Company and the 
Philadelphia and Reading Coal and Iron Company on the 
26th of August la.st to the Pennsylvania Comj)any for Insur- 
ances on Lives and Granting Annuities, as trustee, to secure 
the issue of $80,000,000 first series five per cent, consolidated 
mortgage bonds, and $80,000,000 second series five p<^r cent. 

(5) 



6 

• 

consolidated mortgage bonds. The first series bonds have 
priority over the second series and are issued in den<Hniifii» 
tions of 11,000 and |500, run for forty years from May let, 
1882, with coupons payable November 1st and May Isb^ in 
gold in Philadelphia and New York, and in Sterling at the 
rate of four shillings and one penny to the dollar in Lon- 
don, and $72,942,700 are reserved to meet the entire mort- 
gage bonds of the Railroad Company and the divisional 
mortgages of the Coal and Iron Company, as follows : — 

Consolidated Mortgage and prior issae, $24,067,700 

Improvement Mortgage, 9^364,000 

General Mortgage, six per cent, $19,686,000 

General Mortgage, seven per cent., 5,000,000 

24,686,000 

Income Mortgage, 2,454,000 

Divisional Coal liand Mortgages, 1^1,000 

Total to be reserved of First Series, . . . $72,942,700 



An issue of 110,000,000 of second series has been author- 
ized by the Managers, the bonds to run for fifty years from 
February 1st, 1883, in denominations of $1000 and $500, 
with semi-annual coupons due August 1st and February 1st, 
payable in Philadelphia and New York in gold, and in 
London in Sterling, at the rate of four shillings and one 
penny to the dollar. The mortgage provides that $69,903,- 
910 out of the entire $80,000,000 of second series bonds shall 
be reserved to meet the following obligations : — 

Mortgages and ground-rents on parcels of The Philadelphia 

& Reading Railroad Company's real estate, $1,936,006 81 

Convertible bonds of The Philadelphia & Reading Rail- 
road Company, 10,422,900 00 

Debenture bonds of The Philadelphia & Reading Railroad 

Company, 1,124,900 00 

Debenture bonds of The Philadelphia & Reading Coal & 

Iron Company, 1,731,000 00 

Mortgages and ground-rents on parcels of the real estate of 

The Philadelphia & Reading Coal & Iron Company, . 694,132 62 

Share capital and obligations of the leased lines of The Phila- 
delphia & Reading Railroad Company, less amount 
owned by the Company, 53,994,970 71 

• Total to be reserved of Second Series, $69,903,910 14 



Since their election at the last annual meeting of the 
stockholders the earnest attention of the Managers has been 
directed to efforts to place the finances of the Companies on 
a sound basis and to terminate the Receiverships which have 
existed for nearly three years, during which the results of 
the business conducted by the Receivers have been : — 

For the first year a loss of $1,209,986 17 

For the second year a profit of 183,256 14 

For the third year a profit of 882,941 59 

For the last year, or eighteen months, the only reason for 
the continuance of the Receivership was the necessity of pro- 
viding money for the large amount of new equipment and 
new work required by the rapidly-increasing traflBc of the 
Company. During the period when the money markets 
were in such condition as would have enabled the Company 
to provide this new capital, the litigation instituted by 
Messrs. McCalmont Brothers & Co. prevented the accom- 
plishment of the desired result, and when such litigation 
ceased the period of easy money markets had passed and 
the Managers were unable to supply the means without such 
a sacrifice in the price of securities as in their judgment 
would have been a greater evil than that resulting from the 
continuance of the Receivership, which, by the use of the 
income resulting from the business, was enabled to supply 
the money required, although at the expense of forcing the 
junior security holders to wait somewhat longer for the pay- 
ment of their interest. 

The total amount of income used by the Receivers for 
capital accounts during the last three years has been as 
follows :— 

For new engines and cars, $2,457,876 19 

For new railroads, real estate, improvemente, Ac, . . . 2,139,850 03 
Funded and floating deht paid, 850,452 94 

Total, $5,448,179 16 



8 

Had this amount of income been used for income charges 
it could have been appUed in liquidation of the following : — 

Receivers' certificates, $2,054,457 64 

Current loans of Receivers, 500,000 00 

Unpaid interest on junior securities, 1,431,465 55 

Total yet unpaid, $3,085,923 19 

Interest on general mortgage and income mortgage being 

paid by the Company, 1,610,610 00 

Total, $5,596,533 19 



The excess of the above aggregates over the total of in- 
come withdrawn as above being about equal to the in- 
creased losses of the first year of the Receivership over the 
profits of the last two years. While such expenditure of in- 
come for capital account by the Receivers has had the en- 
tire approval of the Managers, and been abundantly justi- 
fied by the largely increased profits resulting therefrom, 
there must necessarily be a limit to the time at which 
the creditors will be willing to forego the receipt 
of interest for the sake of improving the property of 
their debtor, no matter how much such improvement may 
add to the security of the principal of their indebted- 
ness, and in justice to such creditors it is but right and 
proper to terminate a system wliich in itself prolongs the 
period of resumption of payment of interest charges. In 
order to take the property out of the hands of the Receivers, 
and sui)ply out of new capital the amount of income so 
diverted as above, an earnest effort was made bv the Mana- 
gers during the last year to sell §13,500,000 of first series 
five per cent, consolidated mortgage bonds. At the price 
at which these bonds were offered to the public, but $725,- 
500 were sold, for all of which par in sterling, or 98 per 
cent, in dollars, less the discount for anticipated payments 
of instalments, was obtained. More could only have been 
sold by a sacrifice of price greater than that which the 
Managers felt they would be justified in submitting to, and 
rather than make such a sacrifice it was considered wiser 
to pay six and seven per cent, for money upon other 
securities for a year or two longer, within which time 



9 

it is believed that the increased price obtainable 
for the five per cent, bonds would amount to far more 
than the increased interest to be paid in the meantime on 
the other securities. It is not believed that the entire 
$13,500,000 of five per cent, bonds could have been sold at 
any time since the termination of the litigation with 
Messrs. McCalmont Brothers & Co., without involving such 
reduction of price as would be equal to a discount of 
$1,500,000. Such a loss the Managers would have been jus- 
tified in incurring only on the contingency of the sale of 
the five per cent, bonds being the only means of termina- 
ting the Receivership and restoring the Company to good 
credit, but as another plan presented itself by which in the 
judgment of the Board at least $1,000,000 of such loss could 
be saved, the Managers preferred resorting to it, even at the 
expense of a few months' additional delay in bringing it to 
perfection. Such plan has now been perfected, and is as fol- 
lows : To obtain the requisite amount of money a sale of the 
$5,000,000 of unissued general mortgage seven per cent, 
bonds has been made at par, payable in csish on January 
15th. Application will be made to the court during the 
present week to terminate the Receivership, accompanied by 
a petition praying that, before such termination, the cars 
and engines now held by the Receivers and paid for out of 
income may be transferred to the trustee of a car trust, 
upon which at six per cent, interest it is expected that $2,- 
000^000 of cash will be obtained to pay the outstanding Re- 
ceivers' certificates. To adjust the claims of the various 
junior security holders upon fair and equitable terms the 
propositions embraced in the following two notices have been 
made public, the Managers having previously obtained the 
Assurance of holders of large amounts . of the securities 
named that the terms proposed would be accepted. 

CIRCULAR ISSUED IN LONDON. 

"The Philadelphia & Reading Railroad Company. 

" General Mortgage and Perkiomen Mortgage Defetred Coupon 

Scrip. 

" Notice is hereby given that six months^ interest on Gen- 
eral Mortgage and Perkiomen Mortgage Deferred Couj)on 



10 

Scrip, at the rate of six per cent, per annum, will be paid 
to the holders, in cash, on and after January 1st, 1883, on 
presentation of the scrip, which will be stamped with such 
payment. 

" Holders of the above scrip will have the option until 
January 1st, 1883, either, 

"First — Of converting the principal thereof, at par, into 
First Series Five per cent. Consolidated Mortgage Bonds, 
bearing interest from November 1st, 1882, at ninety-five 
per cent. ; or, 
"Second. — Of extending the payment of the scrip, retaining 
all present security until July 1st, 1885, with interest at 
six per cent, per annum, for which interest new sheets of 
coupons (payable semi-annually on 1st July and 1st Jan- 
uary in eacn year) will be annexed to the scrip. 
" Holders of the above scrip, deciding to convert into Five 
per cent. Consolidated Mortgage Bonds, can have scrip cer- 
tificates to bearer issued for fractional amounts of Five per 
cent, bonds, convertible into the definitive bonds, when pre- 
sented at the London agency in sums of $500 or any mul- 
tiple thereof 

" The Company engages to reserve of First Series Five per 
cent. Consolidated IVlortgage Bonds until final payment of 
the above scrip an amount equal to the amount of Extended 
Scrip. ' 

'' New sheets of coupons for Extended Scrip will be ready 
at the London Ai^vncv on and aftc^r January 16th, 1883. 

" Forms of application for Five per cent. Consolidated 
Mortgage Bonds, by scripliolders electing to convert, and of 
notification by scrii)holders electing to extend, can be ob- 
tained on and after the *20tli instant, on application at the 
London Agency. 

^'Tlie scrip when dej)osited, cither for payment of the in- 
terest due January 1st, 18S3, or to have new coupon sheets 
annexed, must be left three clear days for examination. 

CIRCULAR ISSUED IN PHILADELPIITA. 

'' The Philadelphia & Reading Railroad Company. 

" For the purj)ose of retiring existing indebtedness, the 
Company will create an obligation, to be called converti- 
ble ADJUSTMENT SCRIP, for four millions of dollars, dated 
January 1st, 1883, payable in five years, with the option to 
the Company of anticipating payment on and after the ex- 
piration of two and one-half years, at any semi-annual in- 
terest payment, on giving ninety days' public notice thereof. 



11 

The said scrip will be issued in denominations of f 1000, 
flOO, $25, and $10, all bearing interest at six per cent, per 
annum, with semi-annual coupons attached, payable July 
1st and January 1st ; and until within six months of its 
maturity, or until public notice as above is given of the in- 
tention to anticipate payment, the principal will be converti- 
ble into the common stock of the Company at par. The 
issue will be further secured by a deposit, as collateral secu- 
rity, of an equal amount of income mortgage bonds with 
Edwin M. Lewis, Esq., the trustee of the mortgage, under 
a proper deed of trust, authorizing the sale of the collateral 
for the benefit of the scripholders upon default existing for 
ninety days, either in the payment of the interest or princi- 
pal of the scrip. 

" Notice is hereby given to the holders of the under- 
mentioned obligations, that on and after January 16th, 1883, 
they will be entitled to make the exchanges and conversions 
following : — 

^^Deferred Coupon Dollar Scrip, 

" The principal of the said scrip may be converted at par 
into the Convertible Adjustment Scrip above mentioned, and, 
upon such conversion being made, the accrued interest to 
January 1st, 1883, will be paid in cash. 

"Convertible Bonds. 

" Holders will be entitled to receive $10 in cash and $200 
of the First Series Five per cent. Consolidated Mortgage Bonds, 
bearing interest from November 1st, 1882, for each $1000 
bond, and a proportionate amount for $500 and $100 bonds, 
in exchange for the six coupons of the Convertible Bonds 
maturing from July 1st, 1882, to January 1st, 1885, inclus- 
ive, retaining the right of conversion into stock now held 
under the said bonds, irrespective of the funding of the 
above coupons, and without the surrender of any of the 
Five per cent. Bonds issued in respect thereof. 

Fractional Scrip for First Series Five per cent. Consolida- 
ted Mortgage BondSy will be issued for amounts less than 
$500, convertible into the bonds when presented in amounts 
of $500 or multiples thereof. 

" Debenture Bonds of the Railroad Company, 

" Holders will be entitled to convert the principal ex all 
coupons maturing to July 1st, 1883, inclusive, into Second 



12 

Five per cent. Omedidated Mortgage B&nd^^ bearing 
terest firom Februaiy 1st, 1883, and to receive 
^(ffurfmmt &r^p for all coup^^ 
incltifflLTe. 

^^ Dtbentwre Bonds of tiie Choi and Iron Company. 

" Holders will be entitled to convert the princii>al ex all 
coupons maturing to September 1st, 1883, inclusive, into 
Second Senee Mve per cent. QmsoUdated Mortgage Bonde^ 
bearing interest from February 1st, 1883, and to receive 
Convertible Adjustment Scrip for all coupons maturing to 
September 1st, 1883, inclusive. 

'' Dim»umal Mortgage Bonds of the Coal and Iron Company. 

'' Holders of any of the above bonds will be entitled to 
convert the principal into First Series Five per cent. ConaoUr 
dated Mortgage Bonds, bearing interest from November 1st, 
1882, at par, and to receive Convertible Adju^ment Scrip for 
all accrued interest up to and including January 1st, 1883. 

"SchuylkiU Navigation Company's Six per cent. Improvemmt 

Bonds due 1880, fee8fi00. 

" Holders will be entitled to receive flOOO in Fini Series 
Mve per cent Consolidated Mortgage Bonds, bearing interest 
from November 1st, 1882, and $50 in cash for each 
$1000 of said bonds, and to receive cash for all accrued 
interest on said bonds to November 1st, 1882. 

"Schrwlkill Navigation Company^ s Six per cent. Mortgage Loan, 

1870-1895, fl,WOfiOO. 

" Holders of the above bonds will be entitled to exchange 
them at par ex January, 1883, coupon, for Second Series Five 
per cent. Consolidated Mortgage Bonds, bearing interest from 
February 1st, 1883, at par, and to receive with each $1000 
bond, the sum of $5 in cash for the interest for the month of 
January, 1883. 

" Preferred and Common Stock of the Schuylkill Navigation 

Company, 

"At the next annual meeting of the Schuylkill Navigation 
Company a proposition will be submitted to the shareholders 
of the said Company for the conversion of their shares into 
the common stock of the Philadelphia and Reading Rail- 
road Company at a rate of exchange then to be named. 



13 

" Bonds of the Susquehanna Canal Company. 

*' Holders of said bonds may convert the principal and all 
accrued interest toFebruary 1st, 1883, into Second Series Five 
per cent. Consolidated Mortgage Bonds at par, bearing interest 
from February 1st, 1883. Fractional Scrip for Second 
Series Five per cent. Consolidated Mortgage Bonds will be issued 
for amounts less than $500, convertible into the bonds when 
presented in amounts of $500 or multiples thereof. 

" Stock of the Susquehanna Canal Company, 

" At the next annual meeting of the Susquehanna Canal 
Company a proposition will be submitted to the sharehold- 
ers of the said Cbmpany for the conversion of their shares 
into the common stock of the Philadelphia and Reading 
Railroad Company, at a rate of exchange then to be named. 

" Colehrookdale Railroad Company Bonds, 

" Holders of said bonds may convert them at par ex De- 
cember, 1882, coupon, into Second Series Five per cent Con- 
solidated Mortgage Bonds, bearing interest from February 
Ist, 1883, at par, receiving for each $1000 bond, the sum of 
$8.33 in cash, representing the accrued interest from Decem- 
ber 1st, 1882, to February 1st, 1883, at the rate of five per 
cent, per annum. 

" Pickering Valley Railroad Company Bonds, 

" Holders of the above will be entitled to convert the 
principal ex October 1st, 1882, coupon, at par into Second 
Series Five per cent. Consolidated Mortgage Bonds, bearing in- 
terest from February 1st, 1883, at par, receiving with each 
$1000 bond, the sum of $16.67 in cash, as representing the 
interest from October 1st, 1882, to February 1st, 1883, at 
the rate of five per cent, per annum." 

A general acceptance of the above propositions will effect 
such a reduction of the fixed charges of the Company as in 
the opinion of the Managers will make the surplus earnings 
over fixed charges sufficient to establish the financial credit 
of the Company on a sound basis, irrespective of the in- 
creased earnings which may be expected to result from the 
construction of the new lines of railroads hereinafter re- 
ferred to. 



14 

During the year the Managers have had to provide for 
the following : — 

On account of subscription of $1,000,000 of the stock of the 
Shamokin, Sunbury & Lewisburg Railroad Company 
hereafter referred to, $617,749 21 

On account of construction of extension to Catawissa branch, 103,270 63 

For payment of January and July interest on general mort- 
gage bonds, 1,092,930 00 

For payment of coupons from June, 1880, to June, 1882, in- 
clusive, on income mortgage bonds, 409,430 06 

Total, $2,223,379 90 



The present floating debt of both Companies is $5,843,- 
645.47, but as the sale of the 7 per cent, general mortgage 
bonds will now supply the proper funds for the above ex- 
penditures, in addition to the amount received from the 
sale of $725,500 of first series 5 per cent, bonds, a very con- 
siderable amount of the floating debt will be paid at once 
out of the proceeds, so as to reduce the floating debt to less 
than the amount still due upon the deferred income bonds, 
which amount it is expected will be realized, so as to pay 
off the entire floating debt at an early date. In no event 
will the unissued deferred income bonds be sold at less than 
the original issue price of 30 per cent., and as the receipt of 
money from this source is now, not essential to the financial 
success of the Company, it is probable that if the original 
subscribers do not pay for their allotments with interest, a 
higher rate than the issue price may be obtained for tlie 
unsold portion in the near future. 

During the past year important contracts have been 
made with other railroad companies for the construction 
of connecting lines which will give to the Philadelphia and 
Reading Railroad Company the advantage of connections 
with the railway system of the New York Central and Hud- 
son River Railroad and its afliliating and connecting lines 
reaching the North, North-west, and West, and opening to 
the Coal and Iron Company the large Northern and West- 
ern markets for anthracite coal which it has so long desired 
to obtain entrance to. Herewith is submitted the contract 
for one of these connections made by the construction of the 



15 

Jersey Shore, Pine Creek and Buffalo Railway. The 
amount of the mortgage of the Jersey Shore, Pine Creek 
and BuflFalo Railway Company therein referred to for 
$2,500,000 having since been increased to $3,500,000, and 
the bonds secured thereby having been jointly and severally 
guaranteed by the Philadelphia and Reading Railroad 
Company, the New York Central and Hudson River Rail- 
road Company, and the Corning, Cowanesque and Antrim 
Railway Company. The new line is expected to be opened 
for traffic early in the coming spring, by which time the link 
being constructed by this Company owned by the Shamokin, 
Sunbury and Lewisburg Railroad Company will also be fin- 
ished. The latter company has been organized with a share 
capital of $1,000,000, all of which has been subscribed for by 
the Philadelphia and Reading Railroad Company, and a 
bonded debt of $1,000,000 of five per cent, mortgage bonds, 
and its line is being constructed by the Philadelphia and 
Reading Railroad Company under a contract by which 
$1,000,000 cash, and the entire $1,000,000 of bonds are paid 
to the Philadelphia and Reading Railroad Company for 
such construction. 

A still more important contract has been agreed upon, 
and is now being executed by the parties, between the Phila- 
delphia & Reading Railroad Company, the Philadelphia & 
Reading Coal and Iron Company, the Pittsburgh, McKees- 
port & Youghiogheny Railroad Company, the Pittsburgh 
& Lake Erie Railroad Company, the Lake Shore & Michi- 
gan Southern Railway Company, and the South Pennsyl- 
vania Railroad Company, by which aline is to be constructed, 
placing the Philadelphia & Reading Railroad in con- 
nection, via Harrisburg, with Pittsburgh, Cleveland, Chica- 
go, and the Lakes, over a route which it is believed will 
compare favorably for distances, grades, alignment, and 
local traffic with any of the other trunk lines. This advan- 
tageous connection has been obtained without the expendi- 
ture of any money by the Company, or without any guaran- 
tee of the bonds of tlie connecting company, the only finan- 
cial obligation assumed being an agreement similar to that 
entered into by the Lake Shore & Michigan Southern Rail- 
way Company and the Pittsburgh & Lake Erie Railroad 



1(5 

Company, to contribute for a period not exceeding ten years, 
if it be necessary, an amount not exceeding twenty per cent, 
of the gross receipts derived from traffic coming from the 
New Line, to supply any deficiency of interest upon the 
bonds of the South Pennsylvania Railroad Company over 
and above the net earnings of that company. The form of 
this agreement will be ready to submit to the shareholders 
with the pamphlet copy of this Report.* 

At the last annual meeting of the Comj)any the two sev- 
eral reports presented by the then President and Board of 
Managers, and by the Receivers, were referred to the incom- 
ing President and Board of Managers for further action. 
We recommend to the shareholders that of the two reports 
so referred, that of the Receivers be accepted and entered 
upon the records of the Company, and that of the then 
President and Board of Managers be rejected. 

The Board of Managers further recommend that after 
acting upon the Annual Report now submitted, and upon the 
accompanying report of the Receivers, for the year ending 
November 30th, 1882, and after holding the annual election, 
this meeting of stockholders shall adjourn to meet at the 
call of the President of the Company, for the purpose of 
receiving and takin;^ action upon an additional report, then 
to be made by the Managers, showing the result of the ap- 
plication to the court for the termination of the Receiver- 
ship, the result of the proposed funding and conversion 
scheuK^, the financial condition of the Company, as affected 
by the rcnluction of fixed charges and floating debt, and 
eniljracing some suggestions for a revision of the balance 
sheets and a(!C0unts of the Company, and the future conduct 
of its business operations, so as to insure the distribution of 
future net earnings to the shareholders. 

All of which is rtispeetfully submitted. 

Bv order of the Board of Managers. 

FRANKLIN B. GOWEN, 

President, 

PiiiLADKLiMiiA, JaiiUiiry Hth, 188:). 

* The above n^'reemont will he iiiinexed to the report for the year 

issn. 



At the Annual Meeting of (lie Stockholders of the Philaddphia 
and Reading Railroad Company, held January 8th, 188S, 
the following resolutions were adopted: — 

1. Resolved, That the report of the President and Manag- 
ers for the year ending November 30th, 1882, just read, be 
accepted and adopted, and together with its accompanying 
exhibits and documents printed in pamphlet form for dis- 
tribution among the shareholders. 

2. Resolved, That the various actions, contracts, agree- 
ments, and engagements entered into by the Board of Man- 
agers on behalf of the Company referred to in the report just 
read, including the execution of the five per cent, consoli- 
dated mortgage, and the issue of the bonds thereunder; 
the execution of a contract with the New York Central and 
Hudson River Railroad Company, the Geneva and Lyons 
Railroad Company, the Syracuse, Geneva and Corning 
Railway Company, the Corning, Cowanesque and Antrim 
Railway Company, the Fall Brook Coal Company, the 
Jersey Shore, Pine Creek, and Buffalo Railway Company 
and the Philadelphia and Reading Coal and Iron Company ; 
and the guarantee of the $3,500,000 bonds issued by the said 
Jersey Shore, Pine Creek and Buffalo Railway Company ; 
the execution of a contract between the Philadelphia and 
Reading Railroad Company, the Philadelphia and Read- 
ing Coal and Iron Company, the Pittsburgh, McKees- 
port and Youghiogheny Railroad Company, the Pitts- 
burgh and Lake Eric Railroad Company, the Lake Shore 
and Michigan Southern Railway Company, and the South 
Pennsylvania Railroad Company ; the issue of $4,000,000 
convertible adjustment scrip; the sale of $5,000,000 seven 
per cent, general mortgage bonds, and the financial scheme 
for the funding and conversion of the various junior securi- 
ties and scrip of the Company, be and the same are hereby 
ratified and approved. 

(17) 



18 

3. Resolved, That the report of the Receivers of the busi- 
ness operations of the Company for the year ending Novem- 
ber 30th, 1882, be hereby accepted and adopted. 

4. Resolved, That the report of the Receivers of the opera- 
tions of the Company for the year ending November 30th 
1881, which at the last annual meeting was referred to the 
incoming Board of Managers for further action, be and the 
same is hereby adopted and accepted. 

5. Resolved, That the report of Frank S. Bond, President, 
and George F. Tyler, Samuel R. Shipley, John S. Newbold, 
Edward T. Steel, Charles Parrish, and John Lowber Welsh, 
Managers, for the year ending November 30th, 1881, sub- 
mitted at the last annual meeting of the Company, and then 
referred to the in^coming Board for further action, be and 
the same is hereby rejected by the shareholders. 

6. Resolved, That the shareholders hereby approve of the 
creation of a Car Trust as proposed in the report of the 
Managers for tlic purpose of licjuidating the Receivers' cer- 
tificates, and approve of the immediate application to the 
court for the termination of the Receivership. 

7. Resolved, That the thanks of the shareholders are 
hereby tendered to the President and Board of Managers 
and the Receivers for the conduct of the affairs of the Com- 
pany and the Receivership during the past year. 

8. Resolved, That (in {)ursaance of the suggestion in the 
report of the Board of Managers, just read), when this 
meeting adjourns it adjourn to meet at the call of the Presi- 
dent of the Company, for the ))urpose of receiving and tak- 
ing action upon an additional report then to be made by 
the Managers, and more fully referred to in the report just 
read. 



19 



At the Annual Meeting of the Stockholders of the Philadelphia 
and Reading Railroad Company, held January 8th, 1888, 
the following gentlemen were unanimously elected to serve the 
ensuirtg year. 

PRESIDENT, 

FRANKLIN B. GOWEN. 

MANAGERS : 

J. B. LIPPINCOTT, 
HENRY LEWIS, 
I. V. WILLIAMSON, 
ECKLEY B. COXE, 
EDWARD C. KNIGHT, 
JOSEPH B. ALTEMUS. 

TREASURER, 

SAMUEL B:RADF0RD. 

SECRETARY, 

ALBERT FOSTER. 



RE'CEIVERS' REPORT. 



To the Share and Bond Holders of The Philadelphia and Reading 
Railroad Company and The- Philadelphia and Reading Coal 
and Iron Company. 

The Receivers submit the following statement of the 
operations of the two Companies for the year ending 30th 
of November, 1882, showing a surplus of net earnings over 
and above all fixed charges of the Companies amounting to 
$882,941.59. Included in these fixed charges are full rent- 
als and full interest on all the outstanding obligations of 
the Companies, irrespective of whether the same were paid 
or not, and no account is made of the profit realized by the 
Receivers in the purchase of interest coupons of the Phila- 
delphia and Reading Coal and Iron Company at a less rate 
than their par value, the profit resulting from which not 
having been credited to profit and loss or income account. 

(21) 



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The joint balance-sheets of both Companies are also sub- 
mitted herewith, being made up as in previous annual re- 
ports of the Receivers, so as to show the actual condition of 
the Companies and the Receiverships united. 

The various detailed statements of transportation and 
income accounts are also herewith submitted. 

The following is a synopsis of the operations of the vari- 
ous leased lines of the Company: The Catawissa Branch 
shows decreased earnings below those of last year of $32,- 
419.47. The German town and Norristown Branch shows 
increased earnings over the previous year of $51,623.06. 
The North Pennsylvania Branch shows a profit to the Com- 
pany over all rentals and expenses of the year of $97,499.06, 
as against a profit of $58,920.83 for the previous year, being 
an increase of $38,578.23. The Delaware and Bound Brook 
Branch shows a profit for the year over and above all rentals 
and expenses of $82,915.50, as against $83,348.13 for the 
previous year, being a decrease of $432.63. These two 
Branches together have realized for the year a profit over 
and above all rentals and expenses of $180,414.56, which is 
very nearly equal to three per cent, upon their joint capital 
over and above the seven per cent, paid during the past year 
for rental. The Express department shows a profit for the 
year of $138,114.77, as against a profit for the previous 
year of $125,988.39, being an increased profit for the year 
of $12,126.38. 

The comparative traffic returns of the Railroad Company 
are shown in the following table : — 

1879. 1880. 1881. 1882. 



Nnmber of passengers carried, 7,908,648 9,822,422 10,661^63 12,027,470 

Nninberorlonsofcuul,224U lbs., .... 8,147,580 7,179,399 8,072,142 8,429,826 

NnmberoftonsofmerthandiHe. 2O0Olbf«.,. 4,177,976 6,144,044 5,965,818 6,404,709 

Nnmber of tons of Co. 'snidiie. materials. 2000 11>K.,. 631,753 741,036 849,417 1,086,674 

^M"of1?^U?«inS^r.Siil^ ' ".«^3.^«> ".^.'«« 16.841,807 18.064,861 

The total coal tonnage of the estates of the Coal and Iron 

Company as compared with the year 1881 was as follows: — 

Mined by Company. Mined by Tenants. Total. 

1882 4,lll,S30.(»5 1,512,J»59.04 r>,624,789.09 

1881 :V»37,G07.12 1,484,992.1(3 6,422,600.08 

Increase 174,222.13 27,96().08 202,189.01 



24 

The actual cost of mining and delivering coal into rail- 
road cars for the year was $1.47^, as against $1.49^ 
for the year 1881 and $1.43^^ for the year 1880. 

For further information relative to the working of the 
Coal and Iron Company reference may be had to the de- 
tailed statements in the report of the Chief Engineer here- 
to annexed. 

The financial condition of the two Companies distinct 
from the Receiverships will be shown in the annual report 
of the President and Managers of the Company, to be sub- 
mitted at the annual meeting. As there are no arrears of 
interest unprovided for upon either of the mortgages for the 
default of the payment of the interest upon which the Re- 
ceivers were appointed, and as the Companies for the psist 
two years have earned sufficient to pay all their fixed 
charges, there seems no longer any necessity for the contin- 
uance of the Receiverships ; and as it will be necessary in 
order to provide for the increasing traffic of the Company 
likely to result from the new lines about being constructed 
in connection therewith, that large expenditures should be 
made to provide new rolling stock and equipment, which 
the Receivers can only provide by using the income which 
otherwise sliould be a])propnated to the payment of credi- 
tors, it is desirable, in the opinion of the Receivers, that the 
(]k)mpany should take possession of its property so as to be 
enabled to provide for this new capital without withholding 
from the bondholders the interest upon their obligations. 

During the period of the Receiverships from May 24th, 
1880, until November 30th, 1882, §5,448,179.16 of income 
over and above all {)roper working ex{)enses and renewals 
has been appropriated by the Receivers to the construction, 
purchase, and li(|uidation, respectively, of various items of 
new equipment, new improvements, and funded and float- 
ing debt. 

As the property and e(|nipnient of the Companies during 
the Receiverships have been kept up to a full state of effi- 
ciency, and all the pro{)er renewals and betterments made 
and charged to income, the above entire amount of ?5,448,- 
179.10 but for the Receiverships could have been made a 
charge to capital account without requiring the various bond- 



\ 



25 

holders of the Companies to wait for the receipt of income. 
Although it is believed that the expenditure of income for 
the purposes above named was entirely wise and proper, and 
has been fully justified by the increased earnings resulting 
from its expenditure, there seems to be no longer any reason 
to continue a system which perpetuates the necessity for a 
prolonged Receivership ; and as the Companies are now pre- 
pared to apply to the Court to take possession of the property, 
the Receivers are ready, upon the proper order of the Court 
being made, to turn the title, possession, and management 
of the estate of the corporations over to the shareholders. 

EDWIN M. LEWIS, 
FRANKLIN B. GOWEN, 
STEPHEN A. CALDWELL, 

Receivers. 

Philadelphia, January 6th, 1883. 



I 



APPENDIX. 



The Philadelphia & Reading R. R. Co. 



TRANSPORTATION AND INCOME ACCOUNT. 
DETAILS OF RENEWAL FUND. 
MATERIALS ON HAND. 

GENERAL BALANCE-SHEET. Etc. 



REPORTS OF THE 



GENERAL MANAGER, 

CHIEF ENGINEER, 

AND 

Superintendent of Steam-Collieks. 

WITH ACCOMPANYING 

REPORTS A^D STATEMENTS. 



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47 



REPORT OF GENERAL MANAGER. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Gowen, > Receivers. 
Stephen A. Caldwell, j 

Gentlemen, — The following report of the business of the 
Transportation Department for the year ending November 
30th, 1882, is respectfully submitted : — 

The expense of conducting its operations during the year 
has been $7,171,383.51, showing an increase of $510,449.32, 
equal to 7^^ per cent, when compared with that of the pre- 
ceding year. 

This increase, although due chiefly to the largely in- 
creased business of the Company, has been also consequent 
upon the advanced rate of wages paid to the more skilled 
workmen in the shops of the Company. 

The coal tonnage carried has been 8,429,826 tons, an 
increase over that of 1881 of 357,684 tons, equal to 4^ per 
cent. 

The general merchandise tonnage has been 7,490,383 
tons, an increase of 675,148 tons, equal to 9^ per cent. 

The number of passengers carried has been 12,027,470, an 
increase of 1,465,617, equal to 13^ per cent. 

The total tonnage transported for the year, including 
weight of passengers, has been 18,054,351 tons, an increase 
of 1,212,544 tons, equal to 7^ per cent. 

The coal tonnage carried to Elizabethport has been 
755,237 tons, an increase of 56,967 tons, equal to 8^ per 
per cent. 

The number of tons of coal hauled one mile has been 
679,041,172, an increase of 45,870,146 tons, equal to 7^ per 
cent. ; and general merchandise tons hauled one mile has 



48 

been 350,476,278, an increase of 30,142,021 tons, equal to 9^ 
per cent. 

The total number of tons hauled one mile, including 
weight of passengers, has been 1,125,706,654, an increase of 
83,009,286 tons, equal to 8 per cent. 

The number of passengers carjjied one mile has been 
. 157,545,680, an increase of 15,993,230, equal to 11^ per 
cent. 

The average distance traveled per passenger during the 
year has been 13^ miles, a decrease of ^ mile when com- 
pared with the previous year. 

The receipts for the year, from the several branches of 
trafl5c, have been as follows : — 

From transportation of coal, $9,754,312.11, an increase of 
$669,242.73, equal to 7^ per cent. 

From transportation of general merchandise, $6,308,- 
066.39, an increase of $636,589.09, equal to 11^^ per cent. 

From transportation of passengers, $3,142,194.31, an in- 
crease of $269,771.29, equal to 9^ per cent. 

From transportation of United States mail, $54,422.29, an 
increase of $3,795.09, equal to 7^ per cent. 

Miscellaneous receipts, $1,074,653.72, an increase of 
$141,809.95, equal to lo^^^- per cent. 

Making total receipts $20,333,648.82, an increase of 
$1,721,208.15, equal to 9^^ per cent. 

The entire business of the department has been conducted 
with regularity and promptness, every demand made upon 
it for transportation having been fully met without inter- 
ruption or delay of any consequence whatever. So marked 
has been this feature of the yearns operations, that I can not 
refrain from referring praiseworthily to the zeal, faithful- 
ness, and capability of those employed in the department, 
and especially so in relation to the officers in charge of its 
several branches of service, whose constant and best efforts 
have been strenuously exerted to attain results most 
advantageous to the interests of the Company. 

The following statement shows the number of locomotives 
employed by the Company, and their condition at the close 
of the year : — 



49 



lu aeirice, in good working order, 

" " fair condition, . . 

In shop for general repairs, . . . 

" '* replacement, .... 

Out of service for replacement, 



Totals, 



Dbscriptiom oy Locomotives. 



Paasen- ^^l]^^^ ShifU '• Special 



ger 



121 



Coal. ^°K- Expreae 



100 

14 : 

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298 

6 

32 

6 



342 



6Q 
1 
3 
1 
1 



72 



3 
1 



Total. 



467 

21 

43 

7 

1 



539 



Eight locomotives for passenger, and four for yard service, 
were constructed at the Company's shops during the year. 

Thirty others for coal train service were purchased 
from the Baldwin Locomotive Works, and are of the class 
usually known as " consolidation." These locomotives, as 
signified by their classification, unite the superior tractive 
power of the eight- wheel connected freight engine, with the 
flexibility of the passenger locomotive, and they are thereby 
especially well adapted to the service to which they have 
been assigned. 

Seventy -three per cent* of the main line coal traffic of the 
year has been moved by engines of the class referred to, and 

4 

the following statement shows the cost of fuel used by them 
and of that used by the ordinary ten-wheel engines engaged 
in doing similar work : — 



DKSCRIPTION OF 
ENGINE. 



Ordinarv 10-wheel, 
Consolidation, . . 



Numl)«r 

of round 

trips. 



J 



^^*?onoSl '*'<>^^ weight ToUl cost 
ed eiffhtl «^ «^^» ^ Aiel. including 
wheel ?.« J«"» «f '^ r?"'2 ^^'•^ 
hauled. P**""^'- *y«*^ 



2,591 I 136,669 i 1,571,699 
5,198 ! 364,863 . 4,195,930 



$6e,108 15 
19,726 41 



Coft of fViel 
per tnju 
mile. 



•»pi" a. 



13^ cts 
2 



<( 



As pertinent to the assertion made in a former report 
with reference to the promise of a very considerable reduc- 
tion in the cost of transportation, to be derived from the use 
of the waste product of the mines for locomotive fuel, the 
following will be of interest : — 

The year ending November 30tli, 1880, was the first in 



50 

which any considerable quantity of waste coal was used in 
locomotives. 

For that year the saving was, $30,000 

For year ending November 30th, 1881, it was, 107,000 

For year ending November 30th, 1882, it was, 236,000 

Total saving to November 30th, 1882, $373,000 

The quantity of such fuel used during the three years 
named was as follows : — 

In 1880, 14,285 tons. 

** 1881, 51,078 " 

" 1882, 112,823 " 

Total for three years, 178,186 " 

The month of November, 1882, w^as the first during the 
whole of which we were enabled to procure a full supply of 
that fuel for all locomotives capable of using it. The 
quantity used during that month was 16,698 tons, eflfecting 
an economy of $35,065, representing an annual saving of 
$420,780. 

There are now 115 of the Company^s locomotives using 
this fuel, and the possible saving to be effected by their em- 
ployment and by the substitution of waste-burning engines 
for those having the ordinary furnace as fast as the boilers 
of the latter are worn out, I estimate at not less than $000,- 
000 per annum. 

Xo further us(^ of the fuel has been made in the passen- 
ger locomotives of the Company than to demonstrate its 
practicability so far as steam generation is concerned. It 
is, however, desirable that the apparatus for separating the 
particles of slate from the coal be further improved before 
undertaking its use exclusively in such engines. When 
this has been done, a further saving of about $25,000 per 
annum can be efl'ected with the locomotives now in use, 
and a possible saving by replacement of boilers of at least 
$00,000 more. This would make a total possible annual 
saving in fuel expense amounting to $075,000, and as the 
business of the Company increases the economy may be 
proportionately increased. 

I desire also to refer to a further economy resulting from 



51 

the use of these engines, due to the comparatively low fur- 
nace temperature required for steam generation. 

The average mileage service hitherto obtained with steel 
fire sheets in anthracite locomotive furnaces is 120,000 miles. 
The appended statement shows that some of the engines 
referred to have already exceeded that mileage, and as none 
of the fire sheets of any of them have yet shown any 
of the signs of wear which gradually become visible in the 
sheets of ordinary locomotive furnaces, it is evident that a 
considerably prolonged endurance will be reached, resulting 
in a corresponding reduction in the cost of furnace repair, 
one of the heaviest items in the expense of maintaining an- 
thracite burning locomotives. 

Statement showing service of locomotives having boilers 
adapted to the use of waste anthracite coal, and which have 
made mileage exceeding 80,000 miles : — 



No. of engine. 



When first used. 



j 

408, January, 1877, 

122, December, 1878, 

88, September, 1877, 

80, April, 1878, . . 

113, October, 1879, . 

5o, .... March, 1878, . 

118, Xovember, 1879, 

415, February, 1880, 

506, June, 1880, . . 

420, February, 1880 , 

411, May, 1880, . . 

25, May, 1879, . . 

414, February, 1880, 

412, March, 1878, . 

419, February, 1880, 

416, 

424, 

72, 

119, December, 1879, 

417, February, 1880, 

497, March, 1880, . 

47, August, 1878, . 

498, March. 1880, . 

65, May, 1879, . 

418, .... February, 1880, 

105, June. 1879, . . 

309, March, 1881, . 

60, December, 1879, 

423, February, 1880, 

431, ... March, 1880, . 

481, . . . . November, 1880, 



Kind of service. 



Freight train^ . 
Passenger train. 
Coal train, . 

• 

Passenger train 
Coal train, . 
Passenger train. 
Coal train, . 
Passenger train, 
Coal train, . 
Passenger train. 
Coal train, . 

• 

Freight train. 
Coal train, . 



K 
(( 



it 
ti 



Freight train, 

IC It 

Coal train, 



<t 

(( 
tt 
<( 
tt 
tt 



tt 

a 
tt 
It 
tt 
tt 



Passenger train, 
Freight train. 
Coal train, . 



(( 



tt 



Passenger train, 



Miles run to 

November 80th, 

1882. 



153,673 

150,170 

122,278 

120,942 

118,671 

116,820 

114,731 

114,619 

106,822 

105,789 

99,656 

96,548 

95,724 

95,317 

91,457 

90,890 

89,538 

89,418 

89,304 

88,958 

87,408 

87,306 

85,769 

85,579 

85,576 

84,734 

83,394 

82.561 

82,368 

81,864 

81,640 



52 

The average number of pounds of fuel consumed and 
cost of same per 100 tons hauled one mile (including weight 
of passengers) has been as follows : — 

Pounds. Cost. 
For 1881, 99 9i^ cents. 

" 1882, 94 8 

Decrease, 5 1^ " 

The general average mileage of locomotives for the year 
has been 24,434 miles, and the general average number of 
locomotives in serviceable condition during the year has 
been 466, equal to 89^^ per cent, of the number employed. 

The average cost of repaii*s of locomotives per 100 miles 
run during the year, as compared with that of the preceding 
year, has been as follows : — 

For 1881, $5.25 

'* 1882, 6.23 



Increase, 98 

The number of cars in the service of the Company, rated 
as eight-wheel cars, is as follows : — 

508 passenger and baggage cars. 
1^,548 coal and freight cars. 

18o cars used in operating Transportation Department. 

2U3 '' " *' Roadway Department. 

Making a total of 2U,5o2 ears. 

Tlie number of ears construeted at the shops of the Com- 
l)any during the year lias been as follows: — 

IS eight-wheel passen<j:er ears. 

" " baggage ears. 
9S1 •• '' eoal ears. 
410 '• " gondola ears. 
479 •• ** house ears. 
100 " •* stock ears. 

121 *• '• trucks for oil tanks. 

1 ** '* erane ear. 
1 '* " eabiu ear. 

1<) four-wheel cabin ears. 
17 '• " dunipiug cars. 

1 '* '* crane car. 

Ahiking a total of 2148 ears of all descriptions. 



53 

1978 eight-wheel coal cars have had their capacity in- 
creased two and one-half tons each during the year. The 
total number of such cars so altered is 4090, making their 
increased aggregate carrying capacity 10,225 tons per trip. 

The general average mileage of the cars of the Company 
for the year has been 8647 miles, and the average load per 
eight-wheel car has been 11^ tons. 

The following will show the relative condition of the sev- 
eral classes of the cars of the Company : — 

I Description of Cabs. 

I Pa!»eiiger. { Coal. Freight. 

I Percent. Percent. Percent. 

In service, in good condition, 89^ 92A 91A 

"&ir " 3 2A 1 

In shop for general repairs, 1 OA <^ 

" " slight - 2A 4A A 

Out of service for replacement, 3^ o^^y 6^ 

\ \ ' 

Total, 1(K) KK) 10) 



The average cost of repairs to coal and freight cars, per 
ton carried 100 miles, has been — 



Coal cars. Freight cars. 

For 1881, 7A cents. lO^ft cents. 

For 1882, H^ " 13^ ** 

Increase, A " ^^u *' 

The average cost of repairs to pa.s??eiigor cars, per pas- 
senger carried 100 miles, ha.s been — 

For 1881, 18A cents. 

For 1882, 17^ '* 

Decrease, ^ 

The machinery of the inclined planes has worked with 
notable regularity, notwithstanding the severity of the work 



54 

imposed upon it ; the rebuilding of the foundation referred to 
in my last report having contributed largely to this result. 

The continued and increasing need for additional shop 
facilities heretofore referred to, is my reason for recurring to 
the matter at this time ; much of the kind of work hitherto 
done at the forge, boiler shops, and foundry of the Com- 
j)any has during the past year been performed at other 
places, entailing increased expense, and in some cases de- 
lay. I therefore beg leave to repeat the suggestion made in 
my report of last year, that additional shop facilities be pro- 
vided, and that, as early as it may be found practicable, 
authority be given for the construction of such of the ad- 
ditional lie-off sidings and water-stations as were then 
referred to. 

With reference to the business of the canals of the Com- 
pany, T beg leave to submit the following : — 

Schuylkill Canal. 

The Canal was opened for business on March 20th, and 

was closed throughout by ice on December 16th. The boat- 
ing season was without interruption of any kind, and the 
supply of water was abundant. 

The cost of maintaining and operating the canal for tlie 
year ending November 30th, 1882, has l)een $203,592.02, an 
increase of §31,710.02, compared with the expense of the 
preceding year. 

This increase is due to the expenditure of $21,853.06 for 
work upon tlie new dam and water-power feeders at Mana- 
yunk, to extensive renewals required at locks and other 
dams on the line, amounting to $lvS,115.0S, and to increased 
expense for dredging during the year. 

Tlie coal tonnage i)asse(l during the year has been 
524,008 tons, a decrease of 76,340 tons. The merchandise 
tonnage has been 120,767 tons, an increase of 10,120 tons. 

Schuylkill Canal TKAXsrouTATiON Link. 

The ex{)ense of ()j)erating tlie line for the year, has been 
$258,437.80, a decrease of $3373.26, in comparison with that 
of the previous year. The tonnage transported by the line 



55 

has been, of coal, 333,462 tons, a decrease of 24,828 tons, 
and of merchandise, 19,058 tons, a decrease of 71,087 tons. 

Twenty new barges were acquired during the year and 
five others were transferred to the line, their leases having 
been terminated by forfeiture. The number of barges in 
service at the close of the year was 345. 

The jiumber of mules in stock November 30th, was 296, 
of which 275 are fit for service and 21 have been con- 
demned and will be disposed of. 

Susquehanna Canal. 

This Canal was opened for trade on March 22d, and closed 
on December 15th. 

The expense of its maintenance and operation for the 
year has been $46,660.79, an increase of $708.32, over that 
of the preceding year. 

The coal tonnage passed has been 290,826 tons, an in- 
crease of 59,018 tons. The merchandise tonnage has been 
60,925 tons, a decrease of 25,707 tons. 

The Canal has been free from accident during the year, 
and has not required any unusual expenditure for renewals. 

During the past season the depth of water has been so 

increased as to admit of the passage of barges carrying a 

maximum cargo of three hundred tons. It is expected that 

this limit will be still further increased during the coming 

year. 

Respectfully yours, 

J. E. WOOTTEN, 

Oeneral Manager, 
Philadelphia, January 2d, 1883. 



56 
STATEMENT A. 

Tonnage and Tons me miU, Passmgers and Paaaengers one mile, for the year ending 
Xouember 30thj ISSS^ and Tonnage and Faaaengers carried to date. 

Coal Tonnage— Tons of 2240 lbs. 

Paying Freight : t,^„, ,,^, Ton*. Cwt. 

Anthmcite, 7,462,8.33.18 

Bituminous, 400,192.04 



7,863,046.02 



Company's Use : 

Anthracite, 561,3?»8.14 

Bituminous, 5,440.10 

566,779.10 

Total, 8,429,825.12 

Tox8 OF Coal hauled one mile. 

Paying Freight, 628,975,470 

Company's use, 35,744,286 

Total tons of coal hauled one mile, t664,719,756 

Merchandlse Tonnage — Tons of 2000 lbs. 

Paying- Freight, 6,404,700 

Conipiiny'.s use, l,OSr),()74 



Total, 7,49(),:j83 

Tons of Mkiiciiaxdise hailed one mile. 

Paying Freight, :J27,:U7,373 

Company's use, 2*), 128,00.') 

Total tons of merchandise liaulcd ono mile, .... 350,476,278 
Total tonnage of road for year, inchiding >veight of 

passengers, ill tons of 20(i() Ihs 18,054,351 

Passkngek Tuavkl. 

Total number oi' passengers during year. ..... 12,027,470 

" miles traveled by same, 157,545,()80 

T<.)NNA(;i: ani> Passknceks Carried to Date. 

Ma If, /S.:.s\ to yorcmhrr -iOfh, ISSJ. 

Coal tonnage, in tons of 2240 lbs., 136,083,30^ 

Total tonnage, ineludinir weight of passengers, in tons 

of 20(K) lbs 234,334,18.') 

Nund)er of passengers 112,598,61<) 

t lTnIu<lin« J. 7 !♦>,'.) to t*!!!- Iiaiil»(l oih' iiiili> hy t'niiinrs of other Comprnies, ami not iiiclmi- 
1114 17.<)t;s,:',t;j i..i,>; haiil< <l (.'in' milt- l»y IV A U. muiiu's nvtr (Viitral }!:iilroad of New Jerwj. 



57 
STATEMENT B. 

Expenses of Tranq>ortcUiau% DepH for the year ending November SOth, 

1882. 

RUNNING ACCOUNT. 

Wages of engineers, eonductf)rs, fire- 
men, brakemen, plane hands, &c., . . $2,395,905 64 

Wood, 11,076 cords, 30,587 77 

lioadinji^, unloading, and cutting wood, 11,690 91 

Oil, 530,547 gallons, 141,042 43 

Tallow, lard, grease, and cotton waste, . . 110,942 30 
Goal for locomotives and plane engines, 

471,159 tons, 902,582 48 

Expenses of telegraph, 73,638 38 

Pumping water, and sundries, 123,448 02 

$3,789,837 93 

WORKSHOP ACCOUNT. 

Re|)airHof 539 locomotive-engines, . . $726,913 18 

" 6893 four-wheeled coal oars, ) xKXQQQd;; 

" 9568 eight- " " " ) ^^^fi^^ ^'^ 

" 786 four- " mdse. " f 177 .^ 1^ 7.-1 

6323 eight- " " *' j '*'''^'*^ '*^ 

" 508 eight- " passV cars, 276,789 78 
" " machinery of all kinds at Ma- 
hanoy, Mine Hill, and Big 

Mine Run Planes, .... 35,336 69 
" " stationary engines for pump- 
ing water, cutting wood, 

&Q 3,133 24 

2,075,409 44 

DEPOT ACCOUNT. 

Wages of hands, $238,874 16 

" " watchmen at depots, switches, &c., 217,669 04 

" signal-towers, . . 50,001 99 

Sundries, 110,112 95 

616,658 14 

superintp:ndknce account. 

Salariesof all officers, clerks, agents, Ac, 593,693 33 

OFFICE ACCOUNT. 
Stationery, printing, and siiinlries, 95,784 67 

«7,1^1,383 51 



»4 
« 

.k 



58 



0. 

Ules run bg Enginei, Train Mileage, Ac^J^ VP^ ending Nmm 

SOth, 1882, and Tbto/ Jfiln nin iy Engine$, and Tmu AmM 

mile to daie. 

MiLBR Bun. 



HOW EMFLOTED. 



Mftin line Transportatioii Depturtmeiit^ . 
<• Shipiibig 

'* Benewal " 



On 

«< 

i< 
it 
*< 
<( 
(( 
«f 
«< 
<i 
«f 
tt 
<f 
tt 
tt 
it 



Main line, total, 

Lateral railroadi in ooal region, . . 

Lebanon Valley Bnoiefa, 

Cheiter Valley Branch, 

Eaet PennsyWania Branch, .... 

Colebrookctale Branch, 

Allentown Branch, 

Lebanon A Tremont Branch (eonth), 
" " " (north), 

Qermantown A Norristown Branch, 

Pickerine Vall^ Branch, 

Sohnylkul and Sasguehanna Branch, 
CatawiBsa and Williamsport Branch, 
Philadelphia and Chester Branch, . 
North Penn and Bound Brook Diy., 
Foreign Railroads, 



miAHHIWIi» 



llU 



8,708,292 

' 82,m 
19,288 



8,765,189 
2,187,852 

691,926 
85,527 

372,688 
87,^7 
20,848 
79,824 

280,949 

934,082 
28,826 

286,066 

869,678 

76,261 

1,840,032 

724,595 



2d. 



110,904 
121,274 



232,178 
58,319 
10,466 

• • « • 

868 



196,761 

18,240 



4th. 



12,464 
7^ 



90,461 
19^97 

6161 
960 



74 

146 

4^336 

194 

19 

97 

891 

6,479 

656 



lOXAIA. 



3,898,69^ 
19,988 



4^007,818 
9,980,768 

709,806 
66,787 

373^491 
67^77 
90,813 
79^888 

931,006 

998,417 



986,08« 
869,670 

2,042,279 
743,491 



Totals, 12,216,073, 510,822 52,842112.778,737 



ti 



(I 



(( 



(( 



(( 



it 



(I 



(( 



Total miles run by coal trains, 

freight trains, 

passenger trains, 

Total number of tons hauled one mile on Main 
Line, and all branches, including weight of cars, 
but exclusive of engine and tender, 

Average weight of through loaded coal trains down, 
exclusive of engine and tender, 

Average weight of through empty coal trains up, 
exclusive of engine and tender, 

Average weight of through passenger trains, ex- 
clusive of engine and tender, . . 

All in tons of 2,000 pounds. 

Total miles run by all engines owned and used by 
the Company, from May, 1838, to November 
30th, 1882, 

Total number of tons hauled one mile, between 
same dates, 



3,327,345 
2,489,622 
3,172,856 



2,701,339,733 

1,017.6 

357.6 

80.9 



172,588,269 
36,617,524.876 



59 



STATEMENT D. 

Equipment, November SOth, 1882. 
Number and Condition of Locomotive-Engines. 



PasaeDger, ^^. 



In seryice, in good working order, 100 
" " " Siir condition, ... 
*' shop, for general repairs, . . . 
" ** " replacement, .... 

Out of seryice, for replacement, . 



14 
7 



298 
6 

32 
6 



Shifting. 



E%"^.; Tot.1. 



1 

3 
1 
1 



Totals, 



121 



342 



72 



467 
21 
43 

7 
1 



539 



Coal Cars. 

Eight-wheeled iron coal care, 3 

" wooden coal care, 9,565 

Four-wheeled iron coal care, 1,164 

wooden coal care, 5,729 



« 



Total, 16,461 

Freight Cars. 

Sixteen-wheeled platform gun car, 1 

Eight-wheieled house care, 2,402 

cattle care, 299 

gondola care, 3,119 

221 

29 

218 



ti 



• 



it 



lime care, . . . 

ore care, . . . 

oil care, . . . 

Four-wheeled house care, . . . 

gondola care, . . 

sand and ore care, 

stone care, . . . 

lime care, . . . 



(( 



(( 



(( 



(( 



(( 



28 
38 
50 
57 
314 



Total 6,776 

Passenger Cars. 

Eight-wheeled passenger care, 430 

baggage care, 63 

mail and baggage care, 15 



i( 



i( 



Total, 



508 



Carried forward, 



23,745 



« 
It 
n 

fh 

« 

(( it « 

« 

« 



60 

Brought forward, 23,745 
In addition to the above tlie following are used in 
the management of the road ; — 

Transportation Department. 

Eight-wheeled house cars, wreck trains, 12 

gondola cars, with cranes, 18 

crate cars, for sawed wood, 2 

cabin car for signalmen 1 

Four-wheeled house cars, for wreck trains, 5 

open cars, for cord wood, 57 

" depot fuel, Ac, .... 3 

dump ca,rs, 47 

cabin cars for signalmen, 187 

sweeping cars, for cleaning snow from 

tracks, 2 

Total, S3** 

Stationary steam-engines, for workshops, pumping, 

sawing wood, Ac 66 

Snow-plows, 21 

Carts, wagons, and drays, for freight and materials, . 24 

Express wagon^j, 94 

Hoi-sos and mnlcs, at lMuIa(lolj)hia and clscwluiT, . . loO 

Express horses, 167 

Extra tendiii-s for locomotives, 27 

Dirt scows, in use at Schuylkill Haven and Port Clin- 

ton landings, 4 

<M)al-dirt trucks, in use at Schuylkill Haven landings, 2 



UO A I AV A Y D KP\ RTM ENT. 

Eight-wheele<l house cars, 22 

'* gondola ears, o7 

F()ur-wheel(»d '* " 2(> 

*' lime can'?, 3 

" stone eai*s, 6 

house, crane, and scale test cars, ... 17 

(lumping cars, 416 



t k 



Fotal Roadway, o27 



Carried forward, 24,606 



61 

Brought forward, 24,606 

Stationary engines, 4 

Portable engines, 5 

" pumps, 7 

Lumber and stone trucks, 6 

Carts, 3 

Stone crushers, . • 8 

Dredging machine, 1 

Scows, 17 

Skiflfe, 4 



Shipping Department. 



Steam tugs, 



16-wheeled 1 

Total number of cars, -{ 8- wheeled, 16,456 

4.wheeled, 8,149 



Total, 24,606 



Out of Service, included in above. 



I May 24th, | Nor. 80th, . 

1 1880. 1882. Increaie. •■ DecreaM. 



Engines. 14 8 I 6 

Eight-wheeled cars, 292 30f» I 17 

Four " " 153 278 126 ... 



62 
STATEMENT E. 

Points of Supply and DistribtUion of Anthracite and Bituminaut 
Coal on the Philadelphia and Reading Railroad and Brandies for 
the year ending November SOth, 1882, 



Paving Compan7*t 
Freight. 



Received from Schuy'l Valley Branch 63,756.08 

" Mill Creek Branch 66,609.01 

** " Mahanoy and Shamo- 

kin Branch 2,168,338.11 

Total at Port Carbon, 2,298,704.00:296,836.00 

Received from Mount Carbon Branch I i 

at Mount Carbon 60,022.04: 4,803.10 

" Mine Hill and Schuyl- 
kill Haven Branch, at | 

Schuylkill Haven 1,508,946.04126,465.06 

" " Lebanon and Tremont 

Branch^ Pine Grove 707,018.19 9,864.11 

" Little Schuyn Branch, ! 

atTamaqua 722,803.04 84,116.17 



5,297,494J1 



^22,086.04 



Received at AUentown and Summit... 667,057.03' 
" " Bethlehem and Bound 

Brook 255,375.04 



1)22,432.07 



, . 6,21 9,926.1 8 522,086.(M 

Bituminous received at HiUTisbiirg, 

Milton, Belmont, Sixteenth street 

and Erie Avenue 400,192.04: 5,440.16 

Total delivered on Main Line and 

Branches 6,1)20,119,02527,527.00 

Passing over T^aterals for shipment by 

Schuylkill Canal 508,897.12 

.Shipped east via Lehigh Valley Rail- 
road and Central Railroad of New 
Jersey 102,a58.04| 

Shipped west via Catiiwissa and Wil- 
liamsport Branch and Northern 
Central Railway 517,351.18 39,252.10 

Consumed on Laterals 114,619.06 

1,242,927.00 o66,779To 

Total i)aving freight 7,863,046.02 

" for Company's use 566,779.10 

Total of all, tons of 2240 lbs 8,429,825.12 



STATEMENT B.— ConiiBwed. 
Dittrihvtiim of Coal on Main lAtif., Brandxet, and Lalerala. 




. Ml^mil I3,*l».17 



I lO.a i.B».M' I 

910.101 B,132.0< 4,9g».a7 ISJIB.01 MIM\ 

,aM.in 70,180.03 stfit*.ie, jo,7BZ.ii i!M' 

■"-—I ae.flso.ofi ih,i8Mm! is.isg.oz „...: 

im.ioi MM.Oa 1,315.19, 5,273.13' ..._^ 

iS.« «03.17^ I 1,0*8.15 !..._ ' IBW.OS 

7a.M i,3«9.m( 7D7.1i. wra^w, i iiftt.ra. 

1,7*6.05 lB,BW.lft 715,(B as,7»JB| B,1I1.0« 17IW00.1B 7Ue7.1i 

! )U.IW.CI7 ISft.lO, 2,900.11 739.13^ S,TI>.I>S 141,011.19' 16a,SN.H I,T7Z.U 

. 4UMS8.01I 7,»H.06 un.MOM aflt.mHtfiTO.U Sli-VH | «8a,757.1t ISIMGJn 

, .... 480,s»O.Ojllfl,SJa08, l93,Ma.li 8MI1J)S,I18,7K.172«,147,W ...,ll,lM,S7l^ 74841.13 

t rorshlpmeul.., 348/131.121 SJSI. 19 l«,IKIt.l 1 171,824.1 -I 87,163.09 .. 755,217,06 

" ... S43.i6i,oa;27,ws.i3 8i7,»M.o^26i,s«,o4'2 19,000.18 ....i2,on2,*0B.oa;...™_,... 

Una And Br«.....2,29a,7D4.ao|aO;llBl.M|lrWS,!)u;.uli707,01S.19 T2i,SOB.Ot»22,43!J)7| .'6,21tl,926.IB'40D,igiH 

UMnliforiblp-! j ' ' i 1 

;^urlk<ll C»n.l„ M9,3I6J>« 4.10!.0a, lC«,B5,^.li5, 20.M0.05 67,7«,H I ,■108,897.11 

:. ofvr- j-ricj-, ••1,699.0(1 ,. tiVOT.ia: ;rM,85i.ii ' ioa,oi«JU' „. 

AS.C.S.W...: |Hfl7,429.12 i „■ '|49,KSJ)«' S17^1.U, 

ilBtanll^ 60,018.16 iB,»iai4l 14.538.19, 4.aaD.18 8,aa.l9 ..„_.„ ...^...i lU,«19.0t'.»»> 

r'soM. »t,S3«.0al 4,M>3.10| 12«,46S.tM! 9,864.11. S(,l».lT...._._||a»jSliaj Cn,W.14^ S,4«.M 

■lBx.^ lUwmla2>6«,H4.0CH85,846.1t!l,US,743M!7i:;3S3.l3'>H07T.l 1:921,411.07 ~89,17s't8Sjn4,l92.Il|40l>,e8a.<» 
Ooal — : ' I i *«,«*S.<» ... 



oii*orsiwn»...' 

t Cnak CoDDteUon. 



■"r*- 

.8,4I94U.ll. 

]Cmt. 4 Woupt. B 



64 



STATEMENT F. 

Description of Tonnage transported over ike Philadelphia and Read- 
ing Railroad during year ending November SOth, 1882. 



DESCRIPTION. 2000 l£f 

1 

Anthracite coal 8,358,396 

Bitinninons coal | 448,215 

Petroleum and other oils 406,889 

Pigiron , (i36,474 

Railroad iron | 225,825- 

Other iron or castings 614,647 

Iron ore 941,239 

Other oreH 25,497 

Stone and lime I 805,620 

Agricultural products i 1,087,421 

Merchandise and manufiuitures 676,769 

Live stock i 61,762 

Lumber 511,805 

Other articles, and express goods 410,771 

Total paying: freight 15.211,320 

I 
Company's Matkkials. 

Merchandise 1,085,074 

Anthracite coal 028,69^)1 

Bituminous coal 0,094 1,72(J.467 

Total 10,931,787 



sisei!i,ESs,a^.aS'2iSiSi2?i3|KjR;sisis;g 



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66 



« 



I 



REPORT OF OHIEF ENOINEBR. 

QsirxBAL Ofrci^ 227 South Foubth Skesr. 

Philadelphia, December 29Qkf lttS> 

Messrs. Edwin M. Lbwis, ^ 

Franklin B. Gowen, > Receivers. 
Stephen A. Caldwell, J 

Gentlemen : — Herewith I beg to submit the following re- 
port of the transactions of this department for the year end- 
ing November 30th, 1882 :— 

Roadway expenses for 1881, . . $1,773,574 34 
'' " " 1882, . . 2,037,793 22 

Increase, $264,218 88 

Renewal of rails for 1881, . . . $343,872 24 
" " " 1882, . . . 597,835 62 

Increase, 253,963 38 

Total increase, $518,182 26 



67 

Extent of RaUroctds in charge of Roadway Department, November 

30th, 1882. 



NABiE OF ROAD. 



Main Line, Philad«lphia and Reading Railroad... 
Korthem Liberties and Penn TownAbip Branch. 

Port Kennedy Branch , 

Lebanon Valier Branch 

Lebanon andTremont Branch ..., 

Schuylkill and Sosqoehanna Branch 

Mount Carbon Branch 

Mahanoy and Shamokin Branch 

Moeelem Branch 

West Reading Branch 



Single 
Track. 



Double 
Track. 





98.4 




1.4 


1.2 




9.2 


44.5 


42.2 




53.4 


•••••• 


8.5 




53.8 


10.8 


1.7 




1.9 





Length 
of Road. 



Total roads owned. 



Chester Valley Railroad 

Colebrookdale Railroad... 

Pickering Valley Railroad 

East PennsylTania Railroad 

AUentown Railroad.. 

UtUe Schuylkill RaUroad 

Mine Hill Railroad 

Mount Carbon and Port Carbon Railroad 

MiU Creek Railroad 

Sehaylkill Valier Railroad 

E^t Mahanoy Railroad.. 

Philadelphia, Germantown and Norristown Railroad. 

Catawissa Railroad » 

Philadelphia and Chester Branch 

North rennsylrania Railroad 

Delaware and Bound Brook Railroad 

Norristown Junction Railroad 



Total roads leased. 



Beading and Columbia RaUroad...... 

Lebanon Branch, R. &. C. R. R 

QnarryriUe Branch, R. A C. R. R... 
North East Pennsylvania Railroad. 



Total roads controlled. 



98.4 

1.4 

1.2 

58.7 

42.2 

63.4 

8.5 

64.6 

1.7 

1.9 



171.9 155.1 



327.0 






21.5 
12.8 
11.3 
17.7 
4.5 
28.1 
81.3 



5.7 
10.7 
13.1 
93.0 

9.2 
36.5 

3.7 



299.1 



39.5 
1.6 

15.8 
9.5 



65.9 



18.8 



21.8 
2JS 
3.8 
5.3 

'20.'4 

"4.9 

49.9 

27.0 

.4 



154.3 



2\£ 

12.8 

11.3 

36.0 

4.5 

28.1 

58.1 

2.5 

3.8 

11.0 

10.7 

33.5 

93.0 

14.1 

86.4 

190.7 

.4 



453.4 



89.5 
1.6 

15.3 
95 



65.9 



Sidings 

and 
Laterals. 



158.8 

2.3 

.1 

26.9 

26.0 

9.1 

9.6 

72.6 

.7 

.9 



807.0 



2.8 

2.6 

1.0 

16.8 

.4 

25.5 

58JS 

18J$ 

17.6 

11.2 

4.8 

26.5 

82.6 

3.2 

89.8 

10.1 

.2 



266.1 



16.6 

2.8 

.7 



19.6 



Total. 



355.6 

5.1 

1.8 

125.1 

68.2 

62US 

18.1 

148.0 

2.4 

2.8 



789.1 



28.8 
15.4 
12.8 
71.1 
4.9 
58.6 

188.4 
1%Z 
26.2. 
27 JJ 
15.5 
80.4 

126.6 
22.2 

175.6 

67.8 

1.0 



8788 



66.1 

1.6 

17.6 

10.2 



85.5 



Recapitulation. 



Roads owned. 
Boadslessed. 



B4>adi controlled 65.9 




Total 



536.9 



Double , Length ®*?i5«* 
Trsck. ;of R&d. ^^^,^^ 



155.1 
161.8 



827.0 

46.1.4 

65.9 



809.4 846.3 



307.0 

266.1 

19.6 



Total. 



789.1 

878.8 

85.5 



592.7 1,748.4 



68 

The increased expenditure is due to a great extent to the 
increased cost of material and wages ; and the introduction 
of the unusually heavy machinery and rolling stock has 
made it necessary to spend much money in the proper main- 
tenance of the roadway and bridges. 

For the better accommodation of the traveling public, we 
have erected new passenger stations at Mount Airy, on 
Chestnut Hill Branch ; Wissahickon and Manayunk, on the 
Germantown and Norristown Branch ; Logan, on the Tabor 
Branch ; Langhorne, Woodbourne, and Trenton Junction, on 
the New York Branch ; Gwynedd, on the Bethlehem Branch ; 
Drehersville and New Ringgold, on the Little Schuylkill 
Railroad ; Middleport, on the Schuylkill Valley Railroad ; 
Shamokin, on Mahanoy and Shamokin Branch ; and Main- 
ville, McAuley and Shumans, on the Catawissa and Wil- 
liamsport Branch ; and alterations and improvements have 
also been made to passenger stations at Broad and Callow- 
hill streets, Philadelphia, Bridgeport, Merion, and Limerick, 
on Main Line; Third and Berks streets, Philadelphia, York 
Road, Edge Hill, Fern Rock, Penllyn, Hatfield, and Sandy 
Run, on the Bethlehem Brancli ; Columbia avenue, Phila- 
delphia, and Mill street, Norristown, on the Germantown 
and Norristown Brancli; Robesonia and Sinking Spring, 
Lebanon Valley Branch ; and Mahanoy City, on the Maha- 
noy and Shamokin Branch. 

New freight depots were erected at Limerick and Potts- 
town, on Main Line ; Spruce street yard, West Reading Rail- 
road ; Germantown and Manayunk, on Germantown and 
Norristown Branch ; Jenkintown and Ambler, on Bethle- 
licm Branch : Yard ley, on New York Branch ; and Slienan- 
doah, on the Mahanoy and Shamokin Branch ; and improve- 
ments made to freight depots at Front and Willow streets, 
Philadelphia, and Quakertown, on Bethlehem Branch. 

The work of constructing the new Wissahickon bridge, 
carrying the Germantown and Norristown Branch on five 
stone arches, across the creek of that name, which was re- 
connnenced in May, 1881, has been vigorously prosecuted, is 
now conij)U'ted, and the trade is passing over it. 

The constantly increasing freight business at Port Rich- 
mond called fur increased facilities, and to accommodate it, 



69 

a new wharf has been commenced at that point, 100 feet wide 
by 554 feet long, and will be entirely completed by the early 
part of next summer. 

The policy of substituting steel rails for worn-out iron on 
all our roads on which a heavy traffic is done, has been kept 
steadily in view, and we now have 383 miles of track laid 
with steel rails ; an increase of 107 miles within the past 
year. 

A great many new sidings have been laid, and others ex- 
tended, at various points on the Main Line and Branches 
during the past year, aggregating 126,172 feet or 23.8 miles 
in length, the most important of which are located as fol- 
lows, viz. : At Tenth and Norris streets, Philadelphia, 
Mount Airy, German town, Manayunk, Conshohocken, and 
Norristown, on the Philadelphia, Germantown and Norris- 
town Railroad ; West Conshohocken, Port Kennedy, Royer's 
Ford, Pottstown, and Reading, Main Line ; American street, 
Philadelphia, Ambler, Lansdale, Bingen, Hellertown, and 
Bethlehem, Bethlehem Branch ; Jenkintown, Noble, and 
Trenton, New York Branch; Doylestown, Doylestown 
Branch ; Colebrook Furnace, Lebanon Valley Branch ; Pine 
Grove, Lebanon and Tremont Branch ; Shamokin and Ma- 
hanoy Plane, Mahanoy and Shamokin Branch ; and at Cata- 
wissa, Mainville, West Milton, Danville, Dougal, Summit, 
Tamanend, White Deer, and Montgomery, on the Catawissa 
and Williamsport Branch. 

It is gratifying, in submitting this report, to state that the 
tracks and bridges are in excellent condition. 

Very truly yours, 

W. LORENZ, 
Chief Engineer, 



70 



REPORT OP SUPERINTENDENT OF STEAM- 
COLLIERS. 

Port Bichmond, Philadelphia, December 28th, 1882. 

Messrs. Edwin M. Lewis, | 

Franklin B. Gowen, > Receivers, 
Stephen A. Caldwell, J 

Philadelphia and Reading Railroad Company, 



Gentlemen : — The following report of the operations of 
the Steam-colliers for year ending November 30th, 1882, 
with detailed statements, is respectfully submitted. 

The annexed table shows the results of the business for 
several years past : — 



Year. 



1873, 
1874, 

1875, 
1876, 

1S77, 
1878, 
1S7M, 

1S80, 

1881, 
l.vvj. 



ComprM w 
18X1, . 



Tounage. 



. I 135,073 

. ' 217,340 

( Mdse., 6,928 
1 Coal, 345,145 

r Mdse., 19,1 99 i 
\ Coal, 490,1 15i 

f Mdse., 3,128 
I Coal,599,308i 

j Mdse.. 5,979i 
( Coal, 57 1,991 i 

f Mdse., 5,076^ 
I Coal, 605,198 

( Mdse., 12,285 
( Coal, 5 15,6Un 

555,253^2 
574.931^0 



Receipts. 


Expenses. 


Profits. 


' Average rate 

received 
per ton CD coal 


$309,296 33 


$202,111 04 


$107,185 


29 


$2 32 


300,636 26 


294,045 41 


6,590 85 


1 


29 


491,039 50 


418,479 61 


72,559 89 


1 


15 


657,901 12 


460,874 5>< 


197,026 


54 


1 


06 


652,454 87 


411,723 37 


240,731 


50 


1 


03i 


574,699 03 


342,273 45 


232,425 


58 




9U 


674,260 93 


315,397 60 


358,863 


33 


1 


07 i 


607,646 64 


384,057 32 


223,589 


32 


1 


04 


667,153 09 


379,382 77 


287,770 


32 


1 


20 


64S,490 01 


376,!»42 19 


271,547 


82 


1 


12 



th 



IiKToaso, 



Doorcase, 



Decrease, 



Decrease, Decrease, 



l!»,»i77j $1M,G63 08 $2,440 5S $16,222 50 $0 OS 



71 

The item of $376,942.19, expenses for 1882, includes a 
charge of $70,200.00 for insurance. The insurance fund is 
now in credit $378,940.97. 

During the year $49,904.00 were paid for the prompt un- 
loading of the steamers. By this payment a saving was 
secured to the ships of 744 days out of the time allowed for 
unloading, as compared with $46,004.00 paid for 688 days 
saved in 1881. The decrease in profits as compared with 
those of 1881 is due chiefly to the lower prevailing rates of 
freight. 

Additional leading features of the year's business are as 
follows : — 

First. — An increase of 20 in voyages over those of 1881. 

Second, — An increase of about 35,000 tons over the great- 
est tonnage heretofore carried to points east of Cape Cod. 

Third, — A general improvement in the running time of 
the ships, for, notwithstanding long delays occasioned by 
the extensive nature of repairs, the fleet, in addition to the 
above-stated increase in voyages, ran 30,000 miles in excess 
of the mileage of 1881. 

Fourth, — The exclusive occupation of the ships in the 
coal trade. 

Mfth, — The placing of new keels and water bottoms on 
steamers Panther, Achilles, and Hercules, new water bot- 
tom on steamer Centipede, and new boilers in steamers 
Achilles and Panther. 

The quickest voyage made during the year, and the quick- 
est ever made by any of the steam colliers, was that of the 
steamer Panther to Providence, R. I., and return, including 
loading and discharging, in 4 days 14 hours 55 minutes. 

It is gratifying to state that the movements of the fleet 
were generally attended by a remarkable absence of any 
serious collision. 



72 

The following table gives the names, tonnage, and service 
of the ships of the line : — 



i^teamers. 



s 

9 



I 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 






Rattlesnake, 

Centipede, 

AchillcB. 

Hercules, 

I Leopard* 

Panther, 

Reading, 

Harrisburg, 

Lancaster, 

Perkiomen, 

Berks, . . . 

Williamsport, 

Alleutown, 

Pottaville, 



u, 
cs 

a 
a 
o 



9 

•M 



1882. 



To date. 



2. 



a <J 

• c 

a 

es 



417.44' 
436.88 
763.51 
764.33 

699.101 
1,'283.00! 
1,283.00 
1,283.00 
1,035.35, 

553.09! 
1,288.00; 
1,283.00 
1,283.00 



3 



a 



500 

525 

1,025 

1,025 

825 
1,650 
1,650 
1,650 
1,200 

600 
1,650 
1,660 
1.650 



June, 

Sept.. 

March, 

May, 

July, 

Aug., 

Apr., 

June, 

July. 

July, 

Aug., 

Sept., 

Oct., 

Dec, 



0) I 



1869, 44 



37 
35 
36 



1869 
1870 
1870 
1870' 
1870 35 
1874 I 38 
1874 ; 37 
1874 36 
1874 ' 38 
1874 37 
1874 , 34 
1874 ! 38 
1874 35 

I' 



^ 


'2 




a 


c 


a 


s 


es 


f4 


tc 


i» 




09 


0) 


g 


>» 


a 


& 


O 1 
> 


& 


i 



21,532 
19,399 
35,668 
36,730 

29,227 

63.225 

61,892 

60,026 

46,345 

22,016 

66,650! 

63,738i 

58,483' 



42,220 
35,900 
34,410 
34,810 

32,030 
36,280 
34.959 
i«5,780 
38,080 
36.320 
32,810 
34,210 
33,334; 



•s 

s 

I 

es 
>k 

O 

> 



454 

459 

385 

386 

242 

397 

278 

299 

262 

2% 

296 

261 

2751 

255, 



fl 



225,424 

236,948 

387,306^4 

393.179 

197.137 

326,118 I 

458,035 I 

489,454 ' 

426,075 

359,914 

178,333U 

429,857 

449,450 

421,122 



a 



488,924 
440,426 
379,317 
373,R97 
225,547 
377.778 
279,265 
271,690 
269.278 
283,148 
282,200 
259,782 
268,094 
249,982 



12,367.7015,600 



480 574,931461,143 4,545 4,978,353 '4.389,328 



• Lost in June, 1878. 



Very respectfully, 

W. B. GALLAGHER, 

SupenntendeKt, 



THE PHILADELPHIA AND READING 
COAL AND IRON COMPANY. 



STATEMENT OF 



General Income 



GENERAL BALANCE-SHEET. 



REPORTS OF THE 



CHIEF ENGINEER, 



AND 



Superintendent of Rolling-Mill, 



WITH ACCOMPANYING 



STATEMENTS. 



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8 

a 






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76 



Dr. 



BALANG! 

Philadelphia and Reading Coal and Iron Oompa^ 



DuBnco Teai USt 



I Increaie. Demiie. 



CAPITAL ACCOUNTS : 

Coal lauds, 

Timber Innds, .... 

Iron-ore landt*, 

Other real estate 

Colliery improvements, 

" equipments, < 

Dead work at collieries, 

Supplies at collieries, .... | 

Lea«ehold collierie?, 

Iron ore mine improvements, . . 

" '• equipments, . ... 

Dead work at iron ore mines, . . 
Supplies " " ... 

Iron ore cars, 

Improvements at Philadelphia retail 

vards, 

Miners' and other houses, 

Waste House Run Water Works 

Indian Ridge " " ... 

West Point Ore Railroad, 

Steam tug •' Atlantic," 

Stocks and bonds owned by the Company, i 

! 

ASSETS : 

Cash on hand, $90,959 97 

Bills receivable, 110,403 OB. 

Coal bills due 804,110 37 

Bent, " 42,895 42 

Debts due to the Company and to the Re- 

ceivrrs :— 

For loans and advance.^ to other Com- 
panies an<l Individuals 797,7.'s:i 72 

Sundry accounts, l:l*Jl\\r)2 71 

Furnacejt, rolling mills, and other prop- 

ertie.*", 6')1,407 81 

Stocks and bonds owned l>y the Company, 20.'>,71S (H 

Supplies and materials on hand, . . . . 400,'22t 92 

Iron ore on hand, x,r>r)2 tons, 14'2\)1 2't 

Coal onhandatshippingi)oints, 117,irii.i() 

tonj«, 587,804 27 

Coal on hand at yanls and depot.**, 41>,.s.');i. 17 

ton-s 215,720 12 



Coupons of (lebenture bonds niaturc<l, 
ami funded into Phila<lelphia and Read- 
ing Kailroad Company's sciip, . . 



$40,915,718 25 

590,307 56 

655,819 50 

],483,.H53 69 

7,004,495 97 

1,484,029 29 

1,162,055 19 

50,890 07 

1,513,707 29 

132,537 20 

26,689 78 

44,978 50 

1,408 59 

22,295 OO; 

t 

204,264 45 

684,225 44 

18,269 53 

10,354 70 

1.638 51 

3,000 00 

5,102.698 85 



tM^M 



, $138,025 15 

I 256,178 80' 

I 223.534 75 

, 243,963 57 



$61,172,782 26: 



1,048,368 84 



2,094,936 4M 



857,215 85 



1,224,106 56 



5,224,627 68 



975 18 



74,913 71 



64.29^ 7n 
96,549 79 



102,5.S3 r.i 
74,305 01 



115,641 43 
11,161 75 

179,306 72 

41,848 22 



SMOOM 



J7i.«i; 
sMOto 



57.015 00 



INCOME ACCOUNTS : 

Loss of previous years, 

Interest account, pievious years, . . 



Le.^ balance to credit of profit and loss 

account, l^vj, 

Less inti-re-jt account, 1S>2, 



Loss amount of d<'»rea.«e, 



1,173,009 o;{ 
«;,:W(),2y5 35 



1,200,173 91 
1,153,U13 75 



7,509,304 38 



47,1G0 16 



7,462,144 22 47,1«0 1« 

«73,859,501 16 81,623,284 65 8672,608 M 
672,608 03 



Total amount of irjcreas«», . 



$950,676 62 



and Beceivers, November SOlh, 188S. 



DUBIKQ YltAK iwi. 



CAPITAL ACOOUNTB: 

uchedproperiies:— ,,„„.™v. m, 

lS!i-ifil2 ' Iffl'ooo M 

mVim. :::::.::::.. i w,^ m 

Bond* »Da morwige" on tb«I Mile, . . . | 7iB,'«l &1 

UkusI Dais CotU Comp»o]r'« eileuded ,_ ^ 

lMn,dueinl886. IM.*™ " 

Bond aud mortKSgt belli b> Ibe Phils- 

fleiphia mrl KemJlog Riilroad Com- „.„„. „ 

Minj.jBlcd July 1.1. 1871 M,7»T,9MS3 

Bond ud uiDTiKiiga beld by the Phlli- 

delpbla and Roadlog Biilnud Com- ,„,„,^„ 

j»ny,d«l«lDt»inh«lSlh.m7S 10,000,000 00 

D»b«ntDK bondi, IS7I-1S02. | 

Cqi>t>1 ■ukI' 

I I 

LI ABIIiITIEB : \ 

Bllli|>i;>blemi>dl«ii>, «7S,S0S 68 

EecefTen' qerliflcalM for Buppllei and j,,,,, ni 

allien' AOMpi«n«iforW«^,! ! ST^MO 00 

FlMtlDgdcbt, 

Comnt bnsin™ drbu 1M.*13 *1 

WngM nnd mileriitl Mils 69J,C33 W 

DDCOllfltted eoupons and iDlerest uii _„ ,„ „ 

n«li(eKd lojni , . 1.77V78 10 

^"""S^^^m'S "IS^'"* lf«ll"»«i Coui- g j^g j^ jg 

FblltdslpbU sod Roi'ding RJn'road Com- ' .' „ 

pMiy'. scMunt, freight, igllsic i47,S01 18 



S9.7n.MS S3 
1.73lfllM 00 
S,IXNVWO0C 



_ 102,749,99; It 



Total ■mount of Incnue, . 



r!3fiS»,S0i lg«I.S9S,97« M 
448,?9DK 






78 



REPORT OF CHIEF ENGINEER. 



Prujjmblfbia Ain) Bsadiho Ooazi ahi) Jmosk CouFJkM^B Otmak 

FwatmuMf Pa^ DeoenilMr lil^ IttSL 

MsssBS. Edwik M. Lbwis, ) 

Feanklik B. Gk)WBN, V Rscsivsbs, 
Stephbn a. C^ldwbll, j 
Philadelphia and Reading C!oal and Ibon Go. 

Gentlemen : — ^The following report of the opeiatioiis of 
the Department of Mines of the Philadelphia and Beading 
Coal and Iron Company for the year ending November 
30th, 1882, is respectfdlly submitted : — 

There are on the lands owned and obhtiblled by this 
Company seventy-four (74) collieries, exclurive of the small 
operations. Of this number forty-four (44) have been 
worked during the year by this Company, twenty-one (21) 
have been leased to other parties, and nine (9) have been 
temporarily idle or undergoing repairs. This Company has 
also worked eight (8) collieries leased from the owners of 
other lands. No new collieries or leases have been acquired 
during the year. 

The following figures show the tonnage for the year : — 

Mined bj the Company from landa owned and controUed 3,368,SS2.00 

Mined by the Company from other lands 747,94S.06 

Total tonnage mined by the Company 4,111,830.05 

Mined by tenants from lands owned by the Com- 
pany 1,166,193.04 

Mined by tenants from lands controlled by the 

Company 356,766.00 

1,512,969.04 

Total tonnage 6,624,789.09 






tonnage mined by this Company shows an increase of 

1,222 tons over theshipments of the previous year, and is 
equal to 1!),950 tons per day for each full day worked. The 
shipments for the month of November reached 459,795 tons, 

17,900 tons greater than any month's shipment ever 

ide by this Company. Mining was suspended by agree- 
t during forty-eight (48) working days of the past year. 

full time had been worked the shipments from the col- 
lieries worked by this Company would probably have 
reached 4,900,000 tons. The collieries operated by this 
Company are in excellent condition, and are prepared to 
ship 5,000,000 tons during the coming year provided they 
are worked continuously. All preparatory and dead work, 
such as gangways, chutes, headings, air-ways, tunnels, cut 
coal, Ac, and also the outside improvements, breakers, and 
machinery, are well advanced and are equal to any antici- 
pated requirements. Important improvements have been 
made during the past year at the following collieries, viz. : 
Brookside, Otto, Middle Creek Shaft, Glendower, Elmwood, 
Girard Mammoth, Knickerbocker, Keystone. Bear Valley, 
North Franklin No. 1, and North Franklin No. 2, which 
will very much increase the output from these collieries dur- 
ing the coming year. We have also built and erected 120 
new steam boilers, of which 79 are additional ones, and 41 
to replace old ones ; 433 new mine cars have been added to 
the equipment of ourcollieries, and new pumping apparatus 
has been added at 15 collieries. 

The sum of $723,677.21 has been expended during the 
year upon the above improvements and upon breakers, 
machinery, slopes, tunuels, additional dead work, and equip- 
ments at our other collieries. This amount is equal to 17^ 
ctnts per ton upon the shipments of the year. 

Our collieries have worked 205^^6111 days in 1882, as 
compared with 198^ days in 1881, 173,^ in 1880, 2431^^ in 
1879, and 167^^ in 1878". 
_ The cost per ton for mining coal in 1882 is one dollar 
:y-8even and three-tenths cents (Jl.47^), and was one dol- 
forty-nine and seven-tenths cents ($1.49-j^) in 1881, and 
dollar forty-three and six-tenths cents (jl.43^) in 1880. 

The employfe of this Company in the Schuylkill region 




I,' 



80 

number 18,706 men and bojrs, and it is yerj sati g fi u s to ry to 
be able to report that the best of feeling has existed between 
the Company and its employ^ daring the year. 

The iron ore mines have been idle during the year, ex- 
cepting the Cumberland Ore Banks, which have been worked 
189 days. 

The repair shops of the Company, situated at Pottsville, 
are fully occupied in the construction and repairs <tf ihe 
machinery, boilers, mine cars, (fee, for our collieries, and 
have produced during the year 1882 : — 

7,244,839 potmds of iron castings. 
1,760,005 " « " fmgings. 
806,250 <' " " IxNllerwork. 
91,889 " "brass and gon metal castings. 
157 new steam boilers. 
488 *' mineoazs. 

Very Respectfully, 

a B. WHinNO, 



81 

STATEMENT A. 

Tatmoffe from GoUieriei operated £y ihe Philadelphia and Reading 
Coal and Iron Company. 




Tornuga frnm leaied coltlerlsB on 
Und* oitDAd and cantrollcd br 
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86 






STATEMENT D. 

SUUemmU shouiing ihe Chti per Ton of Iron Ore ai A^if/ring paimi 
not induding royalty, for nine years, to November SOtk^ 1882. 



Ymh. 



1874., 



1876 

1876 (eleven moDth!i)| 
1877 



1878. 
1879. 
1880. 
1881. 
1882. 



Total. 



Tone mined. 

26,0d9 17 
70,998 12 
36,407 08 

47,572 14 
33,438 15 
6,615 06 
29,568 12 
11,361 00 
18,000 00 

280,062 04 



Coettt 

Sbipplng Poiiit 

lets Bojelty. 



$55,754 69 

110,007 69 

54,356 42 

43,675 48 
37,685 35 
20,242 58 
47,763 08 
24,257 35 
34,228 62 

$427,971 06 



9X 

Shipptog BalttL 



$2 13j5 
1 54^ 
1 493 

91.8 
1 12.7 
3 06 

1 61.5 

2 13.5 
1 90.1 

$1 52.8 



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89 



REPORT OF THE SUPERINTENDENT OF 

ROLUNG-MILL. 

Philadelphia and Reading Coal and Iron Co., 
Reading, Pa., December 18th, 1882. 

Messrs. Edwin M. Lewis, ^ 

Franklin B. Gowen, > Receivers, 

Stephen A. Caldwell, J 

Philadelphia and Reading Coal and Iron Co. 

Gentlemen : — I respectfully submit herewith the annual 
statement from the rolling-mill, showing the operations, 
expenditures, &c., for the year ending November 30th, 1882, 
which completes our fifteenth year of running. 

The product consisted of 17,677.06 gross tons iron rails, 
11,646.04 tons steel rails, 1,225.17 tons splice plates and 
bolts, 1,010 tons steel rail crop ends, and 13.19 tons muck 
bars, or a total merchantable production of 31,573.06 gross 
tons. Of this quantity less than 1000 tons was sold to out- 
side parties, the balance being used in the tracks of the 
Philadelphia and Reading Railroad and branches. 

During the year the mill was stopped thirteen days for 
repairs and holidays. 

With old rails at $28.85 per ton, and pig iron at $20.21 
per ton at the mill, the average cost of the new iron rails 
was $43.38 per ton, or for re-rolling $14.53 per ton. 

With steel blooms at $43.40 per ton, at the mill, the new 
steel rails cost $52.54 per ton, exclusive of any charges for 
rent or interest. 

All the repairs and improvements made during the year 
have been charged to the cost of manufacturing the rails, 
and the total net profit is shown to be $73,173.82. 

The usual report is appended, showing the wear of the 
" P. & R." iron rails in the tracks of the Philadelphia and 
Reading Railroad. 

Verv Respectfully, 

W. E. C COXE, 
Superintntdent of Rolling-Mill. 



:!,' 



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The Philadelphia and Reading Railroad Company 



—AND— 



The Philadelphia and Reading Coal and iron Company 



TO 



The Pennsylvania Company for Insurances on Lives 
and Granting Annuities, of the City of Philadelphia, 

Trustee. 



DATED AUGUST 26, 1889. 



95 



Sl)t0 SfnbcntUtCt Made the twenty-sixth day of August, 
A. D. 1882, between The Philadelphia and Reading 
Railuoad Company (hereinafter called The Railroad Compa- 
ny) and The Philadelphia and Reading Coal and Iron 
Company (hereinafter called The Coal Company), parties of the 
first part, and The Pennsylvania Company for Insuran- 
ces ON Lives and Granting Annuities, of the city of Phila- 
delphia (hereinafter called the Trustee), party of the second 
part. 

Whereas, At a meeting of the board of managers of the 
said Railroad Company, held on the twenty-fifth day of August, 
1882, the following preamble and resolutions were adopted : — 

^' Whereas, It is in the opinion of this board advisable that 
provision should be made for meeting the existing liabilities of 
the company and the immediate requirements of its business by 
a further issue of its bonds secured by mortgage of its railroads, 
canals, real and personal estate and corporate rights and fran- 
chises, and of the coal and iron lands of The Philadelphia and 
Reading Coal and Iron Company ; 

" Therefore, be it Resolved, under the power conferred by the 
act of the General Assembly of this Commonwealth approved 
the eighteenth day of February, A. D. 1871, entitled ^ An act 
providing for the consolidation of the Mahanoy and Shamokin 
and The Philadelphia and Reading Railroad Companies, and con- 
ferring certain powers upon the said consolidated company,' and 
every other power or authority exercisable in the premises ; 

"That an issue of bonds of this company to the amount of 
one hundred and sixty millions of doUars, to be known as The 
Pive Per Cent. Consolidated Mortgage Bonds of The Philadel- 
phia and Reading Railroad Company, is hereby authorized ; 

"That the said bonds shall be issued in two series — one to l)e 
IcDOwn as the first series, and the other to be known as the sec- 



96 

ond series — each series to consist of bonds to the amount of 
eighty million dollars ; 

'^ That the bonds of the first series shall be either for one thou- 
sand dollars or five hundred dollars^ and, subject to this varia- 
tion as to the denomination^ shall be in the following form : — 

" THE PHILADELPHIA AND READING RAILROAD 

COMPANY. 

" No. Vignette $ 

" First Series Five Per Cent. Consolidated Mortoaoe 

Bond. 

'' Total issue {First Series), $80,000,000. 

"The Philadelphia and Reading Railroad Company acknowl- 
edges itself indebted to the bearer hereof, or (when registered as 
hereinafter provided) to the registered owner, in the sum of 

lawful money of the United States of 
America, which sum the said company promises to pay to the 
bearer, or (in case of registration) to the registered owner, on 
the first day of May, in the year of our Lord one thousand nine 
hundred and twenty-two, with interest thereon at the rate of five 
per centum per annum, payable half yearly, on the first days of 
May and November, in each year, on the delivery of the proper 
coupon therefor. The said principal sum of 

to be paid at tlie office of the said Railroad Company in 
the city of Philadelphia, in gold coin of the United States of 
America, and in the city of London, in sterling at the rate of 
four shillings and one penny to the dollar, and the interest to be 
paid according to the tenor of the annexed coupons in Philadel- 
phia, New York and London, without deduction for any tax or 
taxes which may be payable on account thereof, or on account 
of the principal under any present or future laws of the United 
States of America, or the State of Pennsylvania, for National, 
State, or Municipal purposes. 

" This bond is one of a series of like tenor and date, but of 
varying denominations, amounting in the aggregate to eighty 
millions of dollars, constituting the first series, and secured in 



1>7 

priority over the second series of equal amount by a mortgage 
bearing even date herewith^ duly authorized^ and executed and 
delivered by the said Railroad Company and by The Philadel- 
phia and Reading Coal and Iron Company to the Pennsylvania 
Company for Insurances on Lives and Granting Annuities, of 
the city of Philadelphia, in truaf, to secure the payment of the 
principal and interest of the said bonds, this bond being sub- 
ject, as therein mentioned, to the provisions of the said mort- 
g^e. This bond may be registered on the books of the said 
Railroad Company, either in Philadelphia, or at the London 
Agency of the company in London, and if so registered it will 
thereafter be transferable only upon the books of the said com- 
pany, (wherever registered), by the owner in person, or by attor- 
ney duly authorized, according to the rules established for that 
purpose, unless the last preceding transfer shall have been to 
bearer, and transferability by delivery thereby restored. 

"And this bond shall continue to be susceptible of successive 
registrations and transfers to bearer at the option of the holder. 
This bond will not become obligatory upon the said Railroad 
Company until the certificate endorsed hereon shall have been 
signed by the trustees. 

"In Witness Whereof, The Philadelphia and Reading 
Railroad Company has caused these presents to be sealed with 
its corporate seal, duly attested at Philadelphia, this twenty- 
sixth day of August, in the year of our Lord one thousand eight 
hundred and eighty-two." 

"And that, in compliance with the terms of the prospectus for 
the issue of the said bonds, the first coupon for six months' in- 
terest shall be made payable on the first day of November, 1882. 

"That the bonds of the second series shall be of such denomi- 
nation and with such provisions as to payment or postponement 
of payment, redeemability or irredeemability, convertibility into 
stock and other matters affecting the obligation of the same, as 
may hereafter be determined upon : Provided, however , That 
none of the said second series of bonds shall bear a greater yearly 
rate of interest than five per cent, clear of deduction for any tax 
or taxes which may be payable on account of the said interest, 
or on account of the principal of the said bonds, under any 



98 

present or future laws of the United States or of the State of 
Pennsylvania. 

" That the said two issues of bonds and any that may be 
issued in substitution or replacement thereof, as hereinafter pro- 
vided, shall be secured, with priority of lien for the bonds, ori- 
ginal or substituted, of the first series over the bonds, original or 
substituted, of the second series, but without distinction or pri- 
ority of any bond, original or substituted, of the first series, over 
any other bond, original or substituted, of the said first series, or 
of any bond, original or substituted, of the second series, over 
any other bond, original or substituted, of the said second series, 
by a mortgage as hereinafter provided. 

"That, as the bonds of the first series, or any of them, shall be 
paid off and canceled at maturity, the company may from time 
to time and successively issue and dispose of other bonds of such 
form, tenor, and effect as may be determined niK)n by its board 
of managers, not exceeding, however, in the aggregate, the 
amount of the principal ofsucli paid and canceled bonds; which 
new bonds shall also be known as bonds of the first series, and 
shall, for all purposes of the security of the aforesaid mortgage, 
be substituted for and replace such i)aid and canceled bonds of 
the originiil issue of the first series, witli the same effect in all 
respects, including tliat of priority of lien over the bonds, ori- 
ginal or substituted, of the second series, as if the said substi- 
tuted bonds had been originally issued as part of the first series, 
so tliat the said mortgage shall secure with continuing and equal 
lien and effect not only the orij2:inal issue of bonds of the first 
series, but such successive issues of bonds of the first series as 
may from time to time be made, to replace under the said mort- 
gage equal amounts in par value of either original or substituted 
bonds of the said first series which have been paid off and can- 
celed ; the said mortgage security to be without distinction or 
priority of any one outstanding bond, original or substituted, of 
the first series over any other outstanding bond, original or sub- 
stituted, of the said first series, but with priority of lien of all 
outstanding bonds, original or substituted, of the first series over 
all outstanding bonds, original or substituted, of the second 
series: Prov'uhdy That nothing herein contained shall in any 
way aflect or impair the security of the mortgage with regard to 
any bond, original or substituted, of the first series, the term of 



99 

which may be extended by the mutual agreement of the com- 
pany and of the holder. 

" That, as the bonds of the said second series shall be retired 
and canceled, the company may from time to time and succes- 
sively issue and dispose of other bonds of such form, tenor, and 
effect as may be determined by its board of directors, not ex- 
ceeding, however, in the aggregate the amount of the principal 
of such retired and canceled bonds; which new bonds shall also 
be known as bonds of the second series, and shall for all pur- 
poses of the security of the aforesaid mortgage be substituted 
for and replace such retired and canceled bonds of the original 
issue of the second series, with the same effect, in all respects, as 
if the said substituted bonds had been originally issued as part 
of the second series, subject, however, to the priority of lien of 
the bonds, original or substituted, of the first series, so that the 
said mortgage shall secure, with continuing and equal lien and 
effect, not only the original issue of bonds of the second series, 
but such successive issues of bonds of the second series as may 
from time to time be made to replace under the said mortgage 
equal amounts in par value of either original or substituted 
bonds of the said second series which have been retired and 
canceled ; the said mortgage security to be without distinction 
or priority of any one outstanding bond, original or substituted, 
of the second series over any other outstanding bond, original or 
substituted, of the said series ; but to be subject to the priority 
of lien of all outstanding bonds, original or substituted, of the 
first series over all outstanding bonds, original or substituted, of 
the second series : Provided, That nothing herein contained shall 
in any way affect or impair the security of the mortgage with 
regard to any bond, original or substituted, of the second series, 
the term of which may be extended by the mutual agreement of 
the company and of the holder: And provided also, That while 
any of the original issue of the bonds of the first series shall be 
outstanding and unpaid, no substituted bond of the second series 
shall bear a greater yearly rate of interest than five per cent, 
clear of deduction for any tax or taxes which may be payable 
on account of the said interest, or on account of the principal 
under any present or future laws of the United States or of the 
State of Pennsylvania/' 

"That bonds of the first series amounting in the aggr^ate to 



100 

aixt^-«ix million five hundred thoOMmd dollars shall be, and 
are hereby set apart and appropriated to be exchanged upon 
BQoh terms as may be agreed upon for the obligalicDS, secured by 
now existing mortgages, enomerated under the heads A, B, C, 
D, and E, as follows, or to provide by sale the mesna of retirii^ 
the same, and that bonds of the second series amoantiDg in die 
»ggngAte to sixty-nine million nine hundred and fi>nr thooaud 
dollars shall be and are hereby set apart and appropriated to ba 
exchanged npon each terms as may be agreed npon for the ob- 
ligations enumerated under the beads F, G, H, I, K, and L, ai 
follows, or to provide by sale the means of retiring the same. 

{A) Bonds secured by the mortgage ezeonted 
on the first day of June, A. D. 1871, by The 
Philadelphia and Reading Railroad Com- 
pany to the Fidelity Insurance, Trust and 
Saie Deposit Company, of the city of Phila- 
delphia, commonly known as the Consoli- 
dated Mortgage, and the mortgages prior io 
date thereto, |24,QS7,700 00 

(B) BonJs remaining secured by the mortgage 
executed on the first day of October, A. D. 
1873, by The Philadelphia and Reading Rail- 
road Company to the Pennsylvania Company 
for Insurances on Lives and Granting An- 
nuities, of the city of Philadelphia, commonly 

known as the Improvement Mortgage, after , 

the next drawings for the sinking-fund of 

the said mortgage, 7,702,000 00 

(C) Bonds secured by the mortgage executed 
on the first day of July, A. D. 1874, by The 
Philadelphia and Reading Railroad Com- 
pany to the Fidelity Insurance, Trust and 
Safe Deposit Company, of the city of Phila- 
delphia, commonly known as the General 

Mortgage, 19,686,000 00 

(i>) Bonds secured by the mortgage executed 
on the first day of December, A, D. 1876, by 
ThePhiladelp'biaand Reading Railroad Com- 
pany to Edwin M. Lewis, ofthe city of Phila- 



101 

delphia^ commouly known as the Income 

Mortgage, 2,454,000 00 

(E) Bonds secured by the several partial mort- 
gages upon the property of The Philadelphia 
and Reading Coal and Iron Company, com- 
monly known as the Divisional Coal Land 
Mortgages, 12,381,000 00 

$66,280,700 00 



{F) Mortgages and ground-rents on parcels of 
The Philadelphia and Reading Railroad Com- 
pany's real estate, $1,936,006 81 

(O) Convertible bonds of The Philadelphia and 

Reading Railroad Company, 10,423,900 00 

{H) Debenture bonds of The Philadelphia and 

Reading Railroad Company, 1,124,900 00 

(/) Debenture bonds of The Philadelphia and 

Reading Coal and Iron Company, .... 1,731,000 00 

(K) Mortgages and ground-rents on parcels of 
the real estate' of The Philadelphia and Read- 
ing Coal and Iron Company, 694,132 62 

(X) Share capital and obligations of the leased 
lines of The Philadelphia and Reading Rail- 
road Company, less amount owned by the 
Company, 63,994,970 71 

$69,903,910 14 



" And that the faith of this company is hereby pledged that 
none of the bonds thus set apart and appropriated shall be used 
for any other purpose than that for which the said bonds are 
hereby severally set apart and appropriated, while and so long 
as the obligations to be discharged are outstanding and unpaid 
or unprovided for : Provided, however, and it is hereby distinctly 
understood and agreed, that when any of the said obligations 
shall be discharged or reduced, without recourse having been had 
to the reserved bonds, a corresponding amount at par may be 
withdrawn from the said reserved bonds, and issued, used, or 
dealt with as to this company may seem fit. 



102 

"That each bond of the first series, the execution of which is 
hereby authorized, shall be authenticated by the following cer- 
tificate thereon of the Pennsylvania Company for Insurances 
on Lives and Granting Annuities or its successor in the trust — 
'This bond is one of the first series of eighty millions of dollars 
entitled to the benefit of the mortgage executed and delivered 
by The Philadelphia and Reading Railroad Company and The 
Philadelphia and Reading Coal and Iron Company to the Penn- 
sylvania Company for Insurances on Lives and Granting An- 
nuities, referred to in the within bond, and dated August 26th, 
A. D. 1882,' and without such certificate, no bonds shall be en- 
titled to the benefit or security of the said mortgage. 

" That the execution of the bonds of the second series shall 
be postponed until the further action of this board in the premises; 
but it is hereby declared and made a condition of the benefit or 
security of the said mortgage attaching in any mauner or to any 
extent to any bond of the said second series, that such bond shall 
first be authenticated by a certificate thereon of the Pennsylvania 
Company or its successor as trustee in the said mortgage that 
the said bond is one of the second series of eighty millions of 
dollars entitled to the benefit of said mortgage; and no bond of 
the said second series shall be issued under the said mortgage or 
authenticated by sucli certificate as aforesaid, if it bears or pur- 
ports to bear a liigher rate of interest than as heretofore in these 
resolutions provided. 

'* That it is further hereby declared and made a condition of 
the benefit or security of the said mortgage attaching in any 
manner or to anv extent to anv bond which hereafter and in ac- 
cordance with tiie provisions of these resolutions may be issued 
under the said mortgage to replace an equal amount at par of 
the principal of any bond or bonds that shall have been paid off 
or retired, or canceled, that the latter bond or bonds shall have 
been exhibited fully and effectually canceled to the said Penn- 
sylvania Company or its successor in the trust, and that the sub- 
stitutionary bond shall be authenticated by a certificate thereon, 
that it is one of either the first series for eighty millions of dol- 
lars, or one of the second series for eighty millions of dollars (as 
the case may be), entitled to the benefit of the said mortgage; 
and no substitutionary bond of the second series shall be issued 
under the said mortgage or authenticated by such certificate 



103 

aforesaid^ if it bears or purports to bear a higher rate of interest 
than as heretofore in these resolutions provided." 

And Whereas it was then further Resolved, That 
the mortgage aforesaid should be executed to the said Pennsyl- 
vania Company for Insurances on Lives and Granting Annui- 
ties as Trustee, in the form of this present indenture, which 
was then approved and adopted ; and that the president of the 
said Railroad Company or, in his absence, the president pro 
tem.y should be authorized to affix the corporate seal of the said 
Railroad Company to the bonds of the first series for either one 
thousand dollars or five hundred dollars, in the form prescribed, 
to the aggregate amount of eighty millions of dollars, and to 
sign the same as president or as president pro tem.y as the case 
may be; and that the secretary should be authorized to attest 
such execution of the bonds, and that the president or, in his 
absence, the president jjro <em., should be authorized for and on 
behalf of the said Railroad Company, and as its act and deed, 
to affix its corporate seal to the said indenture of mortgage, and 
to acknowledge and deliver the same as its act and deed, and to 
cause the said indenture to be duly recorded. 

All of which, by reference to the minutes of the said meet- 
ing, will fully appear. 

And Whereas, At a meeting of the board of directors of 
the said Coal Company, held on the twenty-sixth day of August, 
1882, a copy of the foregoing preamble and resolutions of the 
managers of the said Railroad Company was laid before the said 
board, and thereupon it was resolved that the president jjro tern. 
be authorized to affix the corporate seal of the said Coal Com- 
pany to the indenture of mortgage referred to in the said resolu- 
tions, and to acknowledge and deliver the said indenture as the 
act and deed of said Coal Company, and that the secretary be 
authorized to attest the execution of the said indenture and to 
cause the same to be duly recorded. 

And Whereas, At a meeting of the stockholders of the said 
Coal Company, duly convened, upon the twenty-sixth day of 
August, 1882, whereat the entire number of the shares of the 
capital stock of the said Coal Company were represented, the pre- 



104 

smble and neolatioiu adopted by the board of managers of the 
said Bailroad Company as afbreaaid and the foregoing resolu- 
tioQ passed by tbe board of directors of the said Coul Coin)>any, 
were laid before the meetinf^, and therenpon. by an uimnimoi» 
vote repreeenting the entire capital stock of tlie suM Coal Com- 
pany, the said resolatioa of the board of direotois of tbe aiid 
Goal Company was approved, ratified, and confirmed. 

All of which, by reference to the minutes of the said mMtiogi, 
will fully appear. 

Now THIS Indehtube WITNESSETH, That the Bailroad 
Company, for .tbe better seearing the payment of the {Hinnpal 
and interest of the aforesaid two seriee of bonds, and «iy that 
may be issued in substitution or replacement thereof as hereia- 
before recited, with priority of lien for the bonds, origioalor 
substituted, of the first series over the bonds, original or aub* 
stJtuted, of the second series, but without disdnctioo or priori^ 
of any bond, original or substituted, of the first aeries over any 
other bond, original or substituted, of the said first seriea, and 
without priority of lien of any bond, original or substituted, of 
the second series over any other bond, original or substituted, of 
the said second series, and in consideration of the sura of one 
dollar, lawful money of the United States of America, to it paid 
by the Trustee, the receipt whereof is hereby acknowledged, 
hath granted, bargained, sold, aliened, enfeoffed, released, 
conveyed, confirmed, assigne<l, transferred and set over, and by 
these presents, in pursuance of every power and authority it in 
this respect enabling, doth grant, bargain, sell, alien, enfeoff, re- 
lease, convey, confirm, assign, transfer and set over unto the 
trustee and its successors all the railroads of the Railroad Com- 
pany, viz. : — 

The Main Line, extending from its termini at Port Richmond 
and Willow street wharf, on the Delaware river, in the city of 
Philadelphia, through the Schuylkill valley, via Reading, to its 
junction with the Mount Carbon Bmuch at Mount Carbon, near 
Pottsville in the county of Schuylkill, being ninety-nine and 
eight-tenths miles in length of double-track railroad, and em- 
bracing, with its sidings and turnouts, three hundred and fifty- 
eight miles of single track ; 



105 

The Lebanon Valley Branch, extending from its junction 
with the said main line at Reading, in the county of Berks, 
through the Lebanon valley, via Lebanon, to Harrisburg, in the 
county of Dauphin, being fifty-three and seven-tenths miles in 
length, of which forty-four and five-tenths miles are double track, 
and embracing, with its sidings and turnouts, one hundred and 
twenty-four and seven-tenths miles of single track; 

The Lebanon and Tremont Branch, extending from its junc- 
tion with the said Lebanon Valley Branch, at Lebanon, in the 
county of Lebanon, via Pine Grove, to its termini at Brook- 
side and the head of Clark's Valley, in the said county of 
Schuylkill, being forty-two and two-tenths miles in length, and 
embracing, with its branches and sidings, sixty-eight and two- 
tenths miles of single track. 

The Mahanoy and Shamokin Branch, extending from its 
junction with the railroad of the Mill Creek and Mine Hill 
Navigation and Railroad Company near Newcastle, in the said 
county of Schuylkill, via Mahanoy Plane, Ashland, Shamokiu, 
Trevorton, and Herndon, to its terminus at Port Trevorton, on the 
Susquehanna river, in the county of Snyder, being sixty-four 
and six-tenths miles in length, of which ten and eight-tenths 
miles are double track, and with its branches and sidings, em- 
bracing one hundred and forty-six and eight-tenths miles of 
single-track railroad; 

The Mount Carbon Branch, which extends from its junction 
with the said main line at Mount Carbon, in the said county of 
Schuylkill, to its termini at Mount Laffee and Wadesville, in 
the same county, being eight and five-tenths miles in length, and 
embracing, with its branches and sidings, eighteen and one- 
tenth miles of single track; 

The Schuylkill and Susquehanna Branch, extending from its 
junction with the said main line at Auburn, in the said county 
of Schuylkill, to its junction with the Pennsylvania Railroad at 
Rockville, in the said county of Dauphin, being fifty-three and 
four-tenths miles in length, and embracing, with its branches, 
sidings, and turnouts, sixty-two and five-tenths miles of single 
track. 

The Port Kennedy Branch, extending from its junction with 
the said main line at Port Kennedy, in the county of Mont- 
gomery, one and two-tenths miles in length, and embracing, with 



106 

its sidings and turnouts, one and three- tenths miles of single 
track ; 

The West Reading Branch, extending from its junction with 
the said Lebanon Valley Branch, in and through the city of 
Reading in the said county of Berks, one and nine-tenths miles 
in length, and embracing, with its sidings and turnouts^ two 
and eight-tenths miles of single track; 

The Moselem Branch, extending from its junction with the 
said main line at Leesport, in Berks county, and reaching with 
a lateral the Leesport Iron Company's furnace, one and seven- 
tenths miles in length, and embracing, with its laterals and sid- 
ings, a distance of two and four-tenths miles single track; 

And, also, all the estate, right, title, and interest of the Rail- 
road Company (being a leasehold interest for nine hundred and 
ninety -nine years from the first day of December, 1870, in pursu- 
ance of a lease dated November 10th, 1870, duly recorded) of, 
in, and to the Philadelphia, Germantown and Norristown Rail- 
road, which extends from its junction with the said main line at 
Ninth and Willow streets, in the said city of Philadelphia, to 
its termini at Norristown, in the said county of Montgomery, 
and Germantown in the county of Pliiladelphia, being twenty 
and eight-teiitiis miles in length, of which twenty and two- 
tenths miles are double-track railroad, and embracing, with its 
sidings and turnouts, sixty-on(* and two-tenths miles of single 
track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and nine- 
ty-nine years from the first day of December, 1870, in pursuance 
of a lease dated November 30th, 1870, duly recorded), of, in, 
and to the Chestnut Hill Railroad, which extends from its 
junction with the said Phila(lelj)hia, Germantown and Norris- 
town Railroad ut Germantown, in the said county of Philadel- 
phia, to Chestnut Hill, in the same county, being four miles in 
length, and euibracing, with its turnouts and sidings, five and 
one-tenth miles of single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the first day of December, 1870, in pur- 
suance of a leas(; dated November 10th, 1870, duly recorded) of, 
in, and to the Plymouth Railroad, which extends from its jnnc- 



107 

tion with the said Philadelphia, Germantown and Norristown 
Railroad at Conshohocken, in the said county of Montgomery, 
to its junction with the North Pennsylvania Railroad, at Ore- 
land, in the same county, being eight and nine-tenths miles in 
length, and embracing, with its turnouts and sidings, ten and 
six-tenths miles of single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for twenty years from the 
first day of January, 1870, in pursuance of a lease dated 17th 
January, 1870) of, in, and to the Colebrookdale Railroad,which 
extends from its junction with the said main line at Pottstown, 
in the said county of Montgomery, through the valley of the 
Manatawny to Mount Pleasant, in the said county of Berks, 
being twelve and eight-tenths miles in length, and embracing, 
with its sidings and turnouts, fifteen and four-tenths miles of 
single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the first day of May, 1869, in pursuance 
of a lease dated May 19th, 1869, duly recorded) of, in, and to 
the East Pennsylvania Railroad, which extends from its junc- 
tion with the said main line at Reading, in the said county of 
Berks, to its present terminus at Allentown, in the county of 
Lehigh, being thirty-six miles in length, of which eighteen and 
three-tenths miles are double-track railroad, and embracing, 
with its sidings and laterals, seventy-one and one-tenth miles of 
single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company of, in, and to the railroads of the East Mahanoy Rail- 
road Company and the Little Schuylkill Navigation, Railroad 
and Coal (company (being a leasehold interest for ninety-three 
years from the first day of July, 1868, in pursuance of a lease 
from the said Little Schuylkill Navigation, Railroad and Coal 
Company, dated July 7th, 1868, duly recorded); the former 
extending from its junction with the latter at East Mahanoy 
Junction, in the said county of Schuylkill, to its junction with 
the said Mahanoy and Shamokin Branch, at Waste House run, 
in the same county, being ten and seven-tenths miles in length, 
and embracing, with its sidings and turnouts, fifteen and throe- 
tenths miles of single track; and the latter, extending from its 



; - ,.r- 



108 

jnnotiou with the said main line at Port Clinton statiooi in 1h» 
said oounty of Berks^ to its junction wiib the OatawiaBa Bail* 
road^ in the said county of Sobaylklll^ being twentgr-e^t and 
one-tenth miles in lengdi, and embracingi with its braadieSi 
sidings, and turnouts, fifty -three and three-tenths miles of mngle 
track; 

Also, all the estate, right, title, and interest of the Bailroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the twenty-fifth day of July, 1861, ill 
pursuance of a lease of that date, duly recorded) of, in, and to 
the railroad of the Schuylkill Valley Navigation and Railroad 
Company, which extends ft-om its junction with tlie Mount Gai^ 
bon and Port Carbon Bailroad, near Port Carbon, in the said 
county of Schuylkill, to its junction with the railroad of the said 
Little Schuylkill Navigation, Bailroad and Coal Company near 
Beevesdale, in the same county, being eleven miles in lei^^, of 
which five and three-tenths miles are double-track railroad^ and 
embracing, with its branches, laterals, and sidings, twentynnven 
and five-tenths miles of single track; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the twenty-fifth day of July, 1861, in 
pursuance of a lease of that date, duly recorded) of, in, and to 
the railroad of the Mill Creek and Mine Hill Navigation and 
Railroad Company, which extends from its junction with the 
said Mount Carbon and Port Carbon Railroad near Port Car- 
bon, in the said county of Schuylkill, to its junction with the 
said Mahanoy and Shamokin Branch at or near New Castle, in 
the same county, being three and eight-tenths miles in length 
of double-track railroad, and embracing, with its branches and 
sidings, twenty-five and two-tenths miles of single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for fifty years from the fifth 
day of March, 1860, in pursuance of a lease of that date, duly 
recorded) of, in, and to the said Mount Carbon and Port Carbon 
Railroad, which extends from its junction with the said main 
line near Mount Carbon, in the said county of Schuylkill, to its 
junction with the railroads of the said Mill Creek and Mine 
Hill and the Schuylkill Valley Navigation and Railroad Com- 
panies at or near Port Carbon, in the same county, being two and 



109 

one-half miles in length of double-track railroad, and embracing^ 
with its sidings and laterals^ eighteen and five-tenths miles of 
single track ; 

Also^ all the estate^ right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the twelfth day of May, 1864, in pursu- 
ance of a lease of that date, duly recorded) of, in, and to the 
Mine Hill and Schuylkill Haven Railroad, which extends from 
its junction with the said main line at Schuylkill Haven, in the 
said county of Schuylkill, to its termini at Treraont, Centralia, 
and Locust Dale, and its junction with the said Mahanoy and 
Shamokin Branch, in the counties of Schuylkill, Northumber- 
land, and Columbia, being fifly-three and one-tenth miles in 
length, of which twenty-one and eight-tenths miles are double- 
track railroad, and embracing, with Its branches, turnouts, and 
sidings, one hundred and thirty-three and five-tenths miles of 
single-track railroad ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the first day of January, 1870, in pursu- 
ance of a lease dated 12th July, 1870, duly recorded) of, in, and 
to the Canal and Navigation Works of the President, Mana- 
gers and Company of the Schuylkill Navigation Company, ex- 
tending from Fairmount, in the said city of Philadelphia, one 
hundred and eight miles to Port Carbon, in the said county of 
Schuylkill ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for nine hundred and 
ninety-nine years from the first day of January, 1872, in pursu- 
ance of a lease dated 2d January, 1872, duly recorded) of, in, 
and to the canal and navigation works of the Susquehanna 
Canal Company, extending from Columbia, in the county of 
Lancaster, thirty miles to the State line ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for the term of nine hun- 
dred and ninety-nine years from the first day of November, 
1872, in pursuance of a lease dated October 10th, 1872, duly 
recorded) of, in, and to the railroad of the Catawissa Railroad 
Company, which extends from its terminus at its junction with 
the railroad of the said Little Schuylkill Navigation, Railroad 



110 

and Coal Company, in the said county of Sciinylkill, to its 
minus at Williarasport, in the county of Lycoming, being 
ninety-three miles in length, and embracing, with its branches, 
laterals, and sidings, one hundred and twenty-two and four- 
tenths miles of single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for the term of twenty-nine 
years from the first day of September, A. D. 1871, in pursuance 
of a lease dated January 18th, 1872, duly recorded) of, in, and 
to the railroad of the Pickering Valley Raihoad Company, ex- 
tending from its junction with the main line aforesaid, at Phoe- 
nixville, in the county of Chester, to Byers Station, a distance 
of eleven miles, and embracing, with its laterals and sidings, 
twelve miles of single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for the term of nine hun- 
dred and ninety-nine years from the first day of July, A. D. 
1873, in pursuance of a lease from the Philadelphia, Wilming- 
ton and Baltimore Railroad Company, bearing date the first day 
of July, A. D. 1873, duly recorded) of, in, and to the railroad 
known as the Plnladelpiiia and Chester Branch, extending from 
GrayV Ferry, in the eity of Piiila(lel[)liia, to Ridley Junction, 
in the couniv of Delaware, a distance of nine and nine-tenths 
miles, of which four and nine-tenths miles are double-track rail- 
road, and enihraeino;, with its sidings and turnouts, sixteen and 
seven-tenths miles of single track; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for the term of nine hun- 
dred and ninety vears from the first day of May, A. D. 1879, 
in pursuance of a lease from the North Pennsylvania Railroad 
Company bearing date the fourteenth day of May, A. D. 1879, 
duly recorded), of, in, and to the main line of the railroad of 
the North Pennsylvania Railroad Company, extending from its 
terminus in Philadelphia at Willow street to Bethlehem, in the 
county of Lehiii:h, bein^ fiftv-five and seven-tenths miles in 
length, of whieh twenty-six and four-tenths miles are double- 
track railroad, and embracing with its sidings and laterals, other 
than the two branches hereinafter mentioned, one hundred and 
fourteen and eight-tenths miles of single track, and the branches 
of said main line of the North Pennsylvania Railroad known 



Ill 

and designated in said lease as the ^^ Delaware River Branch '^ 
and "Doylestown Branch," the former extending from its con- 
nection with the said main line of the North Pennsylvania 
Railroad at Jenkintown, in tlie county of Montgomery and 
State of Pennsylvania, to its connection with the railroad of 
the Delaware and Bound Brook Railroad Company at the 
centre of the bridge crossing the river Delaware near Yardley, 
in the county of Bucks and State aforesaid, being twenty and 
five-tenths miles in length of double-track railroad, and embrac- 
ing, with its sidings and laterals, forty-six and four-tenths miles 
of single track, and the latter extending from its connection 
with said main line at Lansdale, in the said county of Mont- 
gomery, to Doylestown, in the said county of Bucks, being ten 
and two-tenths miles in length, and embracing, with its sidings 
and turnouts, twelve miles of single track ; 

Also, all the estate, right, title, and interest of the Railroad 
Company (being a leasehold interest for the term of nine hun- 
dred and ninety years from the first day of May, A. D. 1879, in 
pursuance of a lease from the Delaware and Bound Brook Rail- 
road Company, bearing date the fourteenth day of May, A. D. 
1879, duly recorded), of, in, and to the railroad of the said Del- 
aware and Bound Brook Railroad Company, extending from its 
connection with the Delaware River Branch of the North Penn- 
sylvania Railroad, at the centre of the bridge crossing the Del- 
aware river near Yardley, to Bound Brook in the county of 
Somerset, State of New Jersey, together with the branch rail- 
road known as the Trenton Branch, extending from its connec- 
tion with the main line of said railroad, at a point known as 
Trenton Junction, in the county of Mercer, in the State of New 
Jersey, to Trenton in the said State, three and seven-tenths miles 
in length, being twenty-seven miles in length of double-track 
railroad, and embracing, with its sidings and laterals, sixty-seven 
and five-tenths miles of single track ; 

Together with all the real estate of the Railroad Com- 
pany wherever the same may be situated ; and together with 
all branches, extensions, sidings, and turnouts of the said 
railroads, and each of them, now belonging to or which 
may hereafter be constructed by the Railroad Company; 
and all lands, rights of way, rails, bridges, wharves, fences, 
workshops, machinery, stations, offices, depots, depot-grounds, 



112 

engine-houses, buildings, improvements, tenements, and heredi- 
taments now owned by the Railroad Company, and used 
for the purpose of operating the said railroads or any of 
them, or the said canal, or which may hereafter be acquired by 
the Railroad Company, and used for the said purpose; together 
with all the rolling stock, tools, implements, and materials now 
belonging, or which may hereafter belong lo the Railroad 
Company, and now or hereafter in use, or intended for use, upon 
the said railroads, or any of them, or in connection with the 
proper equipment and operation of the same ; all the steam-col- 
liers, vessels, canal-boats, and barges of the Railroad Company, 
including, specifically, the following-named steam -col Hers, steam- 
tugs, and schooners, enrolled in the office of the collector of cus- 
toms of the port of Philadelphia; the steamship Centipede, of 
the burden of four hundred and thirty-six and eighty-eight 
one-hundredths tons, enrolled June 8th, 1880; the steamship 
Achilles, of the burden of seven hundred and sixty-three 
and eighty-one one-hundredths tons, enrolled June 3d, 1880 ; 
the steamship Panther, of the burden of six hundred and 
ninety-nine and ten one-hundredths tons, enrolled June 8th, 
1880 ; the steamship Hercules, of the burden of seven hundred 
and sixty-four and thirty-three one-hundredths tons, enrolled 
June 7th, 1880; the steamsliip Rattlesnake, of the burden of 
four hundred and seventeen and fortv-four one-hundredths tons, 
enrolled June 5tli, 1880 ; the steamship Reading, of the burden 
of twelve hundred and eiiijlitv-three tons, enrolled Mav 31st, 
1880; the steamslii[) Ilarrisburg, of the burden of twelve hun- 
dred and eighty-three tons, enrolled May 31st, 1880; the steam- 
ship Lancaster, of the burden of twelve hundred and eighty- 
three tons, enrolled June 4th, 1880; tlie steamship Berks, of 
the burden of ^ve hundred and fiftv-threc and nine one-hun- 
dredths tons, enrolled May 31st, 1880; the steamship Perkio- 
men, of the burden often hundred and thirty-five and thirty-five 
one-hundredths tons, enrolled June 1st, 1880; the steamship 
Williamsport, of the burden of twelve hundred and eighty-three 
tons, enrolled June 5th, 1880; the steamship Allentown, of the 
burden of twelve hundred and ei<j^hty-three tons, enrolled June 
5th, 1880; the steamsliip Pottsville, of the burden of twelve 
hundred and eiiihty-three tons, enrolled June 3d, 1880; the 
schooner Annie K. Saflbrd, of the burden of one hundred and 



113 

kiinety-six and iifly-four one-hundredths tons, enrolled Septem- 
ber 9th, 1878 ; the schooner Charles E. Smith, of the burden of 
two hundred and three and forty-six one hundredths tons, en- 
rolled July 7th, 1880 ; the steam-tug Monitor, of the burden of 
sixty and eighty-nine one-hundredths tons, enrolled May 3d, 
1878 ; and the steam-tug J. L. Pusey, of the burden of forty- 
seven and fifty one-hundredths tons, enrolled June 21st, 1867 ; 
and all shijps, vessels, barges, and boats now or hereafter belong- 
ing to the Railroad Company, and used, or intended for transpor- 
tation to or from shipping points on the aforesaid railroads, or 
on the aforesaid canals, or any of them ; together with all and 
singular the corporate rights, privileges, and franchises of the 
Railroad Company, acquired or to be acquired, connected with, or 
relating to the aforesaid railroads, other premises or any of them ; 
and together with all the streets, ways, alleys, passages, waters, 
water-courses, easements, rights, liberties, privileges, heredita- 
ments, and appurtenances whatsoever unto any of the hereby- 
granted and mentioned premises and estates belonging and 
appertaining, or to belong and appertain ; and the reversions 
and remainders, rents, issues, profits, and income thereof; and 
all the estate, right, title, interest, property, claim, and demand, 
of every nature and kind whatsoever, of the Railroad Company, 
as well at law as in equity, of, in, and to the same and every 
part and parcel thereof. 

And this Indenture further Witnesseth, That the Coal 
Company, for the better securing the payment of the princi- 
pal and interest of the aforesaid two series of bonds, and any 
that may be issued in substitution or replacement thereof, as 
hereinbefore recited, with priority of lien for the bonds, original 
or substituted, of the first series over the bonds, original or sub- 
stituted, of the second series, but without distinction or priority 
of any bond, original or substituted, of the first series over any 
other bond, original or substituted, of the said first series, and 
without priority of lien of any bond, original or substituted, of 
the second series over any other bond, original or substituted, of 
the said second series, and in consideration of the sum of one 
dollar lawful money of the United States of America, to it paid 
by the Trustee, the receipt whereof is hereby acknowledged, 
hath granted, bargained, sold, aliened, enfeoffed, released, con- 



114 

■ny«d, ooDfimoed, Msigmd, triuMferred, and set over, and by 
ibaw presents, in paniMnioe<rf every power tnd nuthority it in 
this respect enabling, doth grant, bargain, sell, alim, tuSaeit, n- 
lease, oonv^, oonfirm, assi^, transit, and nt over onto tbe 
Tnutee and its sncoessors all the coal and iron lands <^ the 
Goal Company, viz. : — 

[Here follows in the mortgage a full designation and deaerip- 
tion of the ooal and iron lands of the Coal Company, embradi^ 
the following tiiaots.] 

TSo. 1. Trevorton Estate. 

2. Anociate Lands. 

3. Matthias Zimmerman and Jacob Heller Tracts. 

4. John Boyd Tract. 

6. Shamokin and Bear Valley Tracts. 

6. Leverson Tract 

7. William M. Rookafeller Tract 

8. Big Mountain Lands. 

9. M'etherill, Gray, Cleaver, and Brady Tracts. 
10. Mclntyre Lands. 

U. William Sheed Tract 

12. Helfenstein Lands. 

13. Locust Mountain Summit Improvement Company 

Lands. 

14. Samuel Morgan Tract 

15. The Mount Carmel Coal and Iron Company Lands. 

16. The Mount Carmel Locust Mountain Coal Company 

Lands. 

17. Locust Dale Estate. 

18. Aehlaud Estate. 

19. Nelson County, Va., Iron Ore Lauds. 

20. Amherst and Nelson Counties, Va., Iron Ore Lands. 

21. Fountain Spring Tract 

22. Necho Allen Tract 

23. Locust Mountain Tract. 

24. Wm. Jones Tract 

25. Philadelphia and Mahanoy Lands. 

26. James McNeal Tract. 

27. Taggart Tract. 



115 



28. Neifert Tract. 

29. Kear and Patterson Lands. 

30. Sheafer Tract. 

31. Tamaqiia Lands. 

32. Coal Hill Estate. 

33. Wood and Abbot Tract. 

34. Glentworth Tract. 

35. Eagle Hill. Tract. 

36. Mary Patterson Tract. 

37. The Lewis Tracts. 

38. Ravensdale Tract. 

39. Dilcamp Tract. 

40. Lee Lands. 

41. Repp and Keim Tracts. 

42. Albemarle County, Va., Iron Ore Lands. 

43. Repp's Heirs Trnot. 

44. Saw-raill Tract. 
46. St. Clair Tract. 

46. EI Iraaker Tract. 

47. Flowery Field Tract. 

48. West Flowery Field Tract. 

49. Mount Laffee Tract. 

60. Jemmy Laing Tract. 

61. Oak Hill Tract. 

62. Gettle and Wagner Lands. 

63. Diamond Tract. 
54. Minersville Tract. 
66. Manhattan Lands. 

56. Coal Reserve, Minersville. 

57. Catharine Groh Tract. 

68. Hammer and Hoy Tract. 

69. Phoenix Park Tract. 

60. Llewellyn Tract. 

61. Hu^^hes and Langton Tract. 

62. Salem Coal Company Lands. 

63. Little Klanser Tract. 

64. Reed Tract. 

66. Hartman and Meyer Tract. 

66. Little Schall Tract. 

67. Big Schall Tract. 



116 

68. Acre-lot, Branch Township. 

69. Gunkel and Branham Tracts. 

70. Swatara Lands. 

71. Schuylkill and Dauphin Improvement and Railroad 

Company Lands. 

72. Tower Meconkey Lands. 

73. Francis Spatzer Tract. 

74. One-eighth of Joseph S. Silver Tract. 

75. Henry Hoiitz Tract. 

76. Alexander Klinger Tract. 

77. Philip Kuntzelman Tract. 

78. Forbes and Delano Lands. 

79. Leonard Illig Tract. 

80. Peter Levengood Tract. 

81. Munson and Williams Lands. 

82. Keffer Tract. 

83. Fishing Creek Tract (North). 

84. Fishing Creek Tract (South). 

85. Michael Seltzer Tract. 

86. Big Pond Estate. 

87. Helm and Vanasdlen Tract. 

88. Putnam County Ore Land, N. Y. 

89. Seasliottzville Land. 

90. Schuylkill and Susquehanna I^auds. 

91. Valley Furnace Lands. 



To Have and to Hold the premises hereby granted or in- 
tended so to be by the llailroad Company and the Coal Com- 
pany respectively, with tlie appurtenances, unto the Trustee and 
its successors to and for its and their only use and behoof, but 
in trust, nevertheless, for the use, benefit, and security, as here- 
inafter mentioned, of the holders of the aforesaid two series of 
bonds, amounting together to the sum of one hundred and sixty 
millions of dollars, subject, however, to the right of The Rail- 
road Company and Coal Company to retain the free and uncon- 
trolled use, possession, management, and enjoyment of the 
premises by them respectively conveyed or intended so to 
be, until the Trustee or its successor or successors in the 
trust shall be authorized, as hereinafter mentioned, to enter 



117 

apon and take possession of or sell the name as hereinafter set 
forth. 

And it is hereby declared, covenanted, and agreed as follows, 
each party to this indenture covenanting and agreeing for it- 
self, its successors and assigns, and as to matters and things 
to be done or permitted by itself, its successors and assigns 
alone. 

1. The Railroad Company covenants with the Trustee and its' 
successors in the trust hereby created that it, the Railroad Com- 
pany, will punctually pay the principal and interest of the 
bonds intended to be hereby secured according to the terms 
thereof. 

2. The Railroad Company and the Coal Company declare 
and covenant and agree with the trustee and its successors, that 
if the Railroad Company, its successors or assigns, shall at any 
time hereafter, after demand made, omit, neglect, or refuse, for 
any period exceeding three months, to pay the interast on the 
bonds, original or substituted, of either series intended to be hereby 
secured, or any of them, after the said interest shall have fallen 
due according to the terms of the said bonds or bond respect- 
ively, or shall after demand made, omit, neglect, or refuse, for 
any period exceeding three months, to pay the principal of the 
aforesaid bonds or any of them, after the said principal sum 
shall have fallen due according to the terms of the said bonds 
or bond respectively, then and in either such case, upon the 
written request of the holders of one-tenth in amount of the 
bonds then outstanding, upon which default in the payment of 
interest or principal shall have been made, the Trustee or its suc- 
cessor or successors in the trust for the time being shall and will 
enter upon and take possession of the property and estate hereby 
granted or intended so to be, and operate, use, and manage 
the same to the best advantage, and nppropriate the net income 
and proceeds derived therefrom (after deducting the expenses 
of this trust and such sum or sums as may be sufficient to 
indemnify the said Trustee or trustees for the time being against 
any liability, loss, or damage for or on account of any matter or 
thing done by such Trustee or trustees in good faith in the dis- 
charge of the trust) to the payment, without preference, priority, 



118 

or distinction as to one bond over or as against another^ except 
as hereinafter provided, first, of the interest due on, and secondly, 
of the principal of the then outstanding bonds, original or sub- 
stituted, of the first series, hereinbefore mentioned and intended 
to be hereby secured ; and thirdly, of the interest due on, and 
fourthly, of the principal of the then outstanding bonds, or- 
iginal or substituted, of the second series, hereinbefore nien- 
^tioned and intended to be hereby secured ; the said appropria- 
tion of income to be made joro rata in each case, subject, however, 
to the priorities hereinbefore declared, until all of the said inter- 
est and all of the said principal shall have been fully paid ; or 
the said Trustee or trustees for the time being shall and will, after 
or without entering upon or taking possession as aforesaid, of 
the premises hereby granted or intended so to be, upon the writ- 
ten request of the holdei-s of a like amount of the bonds then out- 
standings upon which such default, as aforesaid, in the payment 
of interest or principal has been made, shall and will proceed 
to sell the property and estates hereby granted or intended so to 
be, to the highest and best bidder or bidders, at public sale in 
the city of* Philadelphia, first giving at least six months' notice 
of sucli intended sale by publication, to be made once a week in 
at least two daily newspapers of general circulation, published 
in the city of Philadelpln'a in tlie State of Pennsylvania, in the 
city of New York in tlie State of New York, and in the city of 
London in tlie Kingdom of Great Britain respectively, and 
giant and convey tlie same to the purchaser or purchasers freed 
from all and everv the trusts lierebv created, and without lia- 
bility on the part of such purchaser or purchasers to see to the 
application of the ))urchase-money, and shall and will appro- 
})riate the purchase-money, after deductions made for the ex- 
])enses of the trust and indemnity to the Trustee or trustees as 
aforesaid to the payment, as aforesaid, without preference, prior- 
ity, or distinction of one bond over or as against another, ex- 
cept as liereinafter provi<]ed, first, of the interest due on, and 
secondly, of the principal of the then outstanding bonds, orie:- 
inal or substituted, of" the first series hereinbefore mentioned and 
intended to be herebv seemed, and thirdlv, of the interest due 
on, and fourthly, of the principal of the then outstanding bonds 
of the second series, hereinbefore mentioned and intended to be 
hereby secured ; the said ap[)r()priation to be made jyro rata in 



U9 

ae, Bubject, however, to the priorities herein declared, if 

B purchase- money shall not he sufficieat to pay in full the id- 

rest or priucipal of the first or second series of bonds as the 

caae may be ; and in the event of there being in the possession 

of the said Trustee or trustees for the time being any portion of 

^^the trust estate, or the proceeds thereof, after the payment in full 

^^Mj' the principal and interest of the aforesaid bonds, then the 

^^H^d Trustee or trustees shall reconvey or retransfer the said [wr- 

^^Hdu of the trust estate to the Kailroad Company or Coal Com- 

^^Bmyi by which it was granted or conveyed, and shall pay over 

^^Hnsaid portion of proceeds to the president for the time being 

^^^W the Railroad Company, to be by him held in trust for such 

appropriation or payment thereof as may be by law required ; it 

being distinctly understood and agreed, that in the event of any 

inch entry upon or taking possession of the premises hereby 

ranted in mortgage or intended so to l>e, or in the event of any 

pHle thereof for the lime being, as hereinbefore mentioned, then 

nd in either such case the whole principal sum of each and all 

of the then outstaudiug bonds, original or substituted, of both 

series intended to be hereby secured, shall be deemed aud 

taken to be forthwitli due aud payable, for all purposes of the 

distribution of the income or proceeds of sale of the mortgaged 

premises hereinbefore provided for, although the said bonds may 

Bt have become due according to the terms thereof: Provided, 
vever, That if before the said bonds shall have become due 
»nling to the terms thereof, and before tlie actual sale of 
the mortgagetl premises, the Railroad Company or the Coal 
Company shall pay either to the bondholders or to the Trus- 
r trustees for the time being on their behalf, all arrears of 
BtereBt in default, and sliall pay all expenses incurred by the 
rustee or trustees, then the said Trustee or Inistees shall dls- 
further proceedings for (lie sale of the mortgaged 
, and withdi-aw from any possession thereof that may 
pve been taken ; and it being further distinctly understood, 
Iclared, and agreed, any law or usage, preseut or future, to the 
bitrary notwithstanding, that the rights and remedies secured 
Ithe holders of the aforesaid bonds by this indenture and the 
piBta tlierein declared shall, as agninst the mortgaged preniisefl 
i every [>art thereof, be exclusive of nil others, and especially 
itt no part of the mortgaged premise's shall be levied upon, 



120 

taken in execution, or sold under any judgment or decree ob- 
tained by the holder or holders of any of the said bonds against 
the Railroad Company for the payment of either principal or 
interest of the bonds intended to be hereby secured, unless such 
judgment or decree shall have been entered for the purpose of 
enforcing the trusts or powers of entry or of entry and sale here- 
inbefore contained ; it being intended for the better securing the 
largest possible price for the mortgaged premises, in the event 
of a sale thereof, that the mode of sale hereinbefore provided 
shall be exclusive of all others, and provided also, that in any 
sale made or purporting to be made in pursuance of the aforesaid 
trust for sale, no purchaser shall be obliged to inquire whether 
either the default or the notice required in the premises has 
occurred or has been given, or whether the proceeding is for 
any reason improper, defective, or irregular, nor shall any pur- 
chaser be affected by either implied or express notice as to any 
matter relating to the validity or regularity of the said sale. 

3. And it is hereby further declared, and agreed 
X^PON by and between the Railroad Company, the Coal Company, 

and the Trustee, that it shall be lawful for either the Railroad C<^ni- 
])any, its successors or assigns, or the Coal Com])any, its suc- 
cessors or assigns, to sell for cash, or on credit, or partly for cash 
and partly on credit, or to exchange any j^art or parts of the real 
or personal property hereby granted in mortgage by such com- 
pany respectively (excepting the railroads and canals herein- 
before mentioned), and to grant, convey, transfer, and assign the 
same to the purchaser or grantee free and discharged from the 
lien or operation of this indenture, and without liability on tlie 
part of such purchaser or grantee for the disposition made of the 
price paid, or of the property granted or transferred in exchange: 
Provided, however. That before anv sale or exchancje of any real 
estate shall be made, the written consent thereto of the Trustee 
or trustees for the time being shall be obtained; the Railroad 
Company and the Coal Company hereby covenanting with the 
Trustee or trustees for the time being, that the proceeds of all 
such sales, or an amount of money equal thereto, shall be in- 
vested yearly, either in improving any remaining part of the 
mortgaged premises, or in the purchase of other property real or 
personal, which property, as also any that may be acquired in 



121 

exchange as aforesaid, shall become and be subject to this inden- 
ture of mortgage, and all the trusts (including that of sale and 
exchange) herein declared, and shall be conveyed in mortgage 
to the said Trustee or trustees for the time being to be so held. 

4. And it is hereby further declared by the Railroad 
Company and the Coal Company, and agreed upon by and be- 
tween them and the Trustee (anything herein contained to the 
contrary notwithstanding), that it shall be lawful for the Rail- 
road Company to agree with the lessors or the assignees of the 
lessors of any lease or contract under which any railroad or 
canal hereinbefore mentioned is or may hereafter be held or 
operated by the Railroad Company, to any modification or 
change in the terms or conditions of such lease, or, with the 
written consent of the Trustee or trustees for the time being, to 
surrender the said lease or any part of the demised property, 
whenever in the opinion of the Railroad Company such modifi- 
cation, change, or surrender would be advantageous to its inter- 
est; and, whenever authorized by any such lease or contract, it 
shall be lawful for the Railroad Company to sell or exchange, 
or, as lessees, to consent to the sale or exchange of any part of 
the demised profjcrty; and to convey, transfer, and assign the 
same without liability on the part of the purchaser or grantee, 
for the disposition made of the price paid or the property trans* 
ferred in exchange; the Railroad Company hereby declaring 
and covenanting that the proceeds of any sale of such demised 
property, which by the terms of the lease or contract shall l)e 
subject to its disposition, or a sum of money equivalent thereto, 
shall be yearly invested by it in the improvement of any re- 
maining part of the mortgaged premises, or in the purchase of 
other property real or j^ersonal, which property, as also any that 
may be acquired in exchange for such demised property, shall 
become and be subject to this indenture of mortgage and all the 
trusts (including that of sale and exchange) herein declared, and 
shall be conveyed in mortgage to the said trustee, or the trus- 
tees for the time being, to be so held. 

5. And it is hereby further declared and agreed, 
That, subject to any assignment, pledge, or transfer heretofore 




122 

made t^ tha Bulroad Company of aaj right, title, or i 
in, to, or under any mortgage of the landa, teoemmts, and ben- 
ditaments of the CSoal Company hereby granted and eOaveiy«dy 
which has hereto&re been exeonted by the Coal Coapn^ to 
aeoare any bond, obligation, or iDdebtedneea of tlie Ootl Oow- 
pany to the Bailroad Company, each mortgage shall be aabor- 
dinate in lien, effect, and operation to this preaent indMitar^ 
and the Railroad Company doth hereby, to the full exteot i^ 
its interest, present or revermonary, in such mortgage, wuve 
and release its priority of Ken apoo the lands, tenemaits, and 
hereditaments therein described in favor of this pneent inden- 
tnre, bat for no other purpose, and to no other extent whatever. 



6. And it is fubthbb hereby ootenaktxd l)y the Bail- 
road Company and the Coal Company that they will from time 
to time perform, make, do, execnte, acknowledge, and deliver 
all each farther acta, deeds, oonveyanoee, and assurances in the 
law, for the better assaring unto the .Trustee and ita niimfiiiiii 
in the trust hereby created, the premises hereby granted, or in- 
tended so to be, as may at any time be rt^aeonably required by 
the said Trustee or its said successors. 



7. Akd it is hereby further covenahted and aorekd 
as aforesaid, and this trust is accepted upon the express condi- 
tion that the said Trustee shall not, nor shall any future tru»> 
tees or trustee, incur any liability or reapoiisbility whatever in 
consequence of permitting or suffering the Bailroad Company 
or the Coal Company, their and each of their successors or aa- 
signs, to retain or lie in possession of the premises by them sev- 
erally hereby mortgaged, or agreed or intended so to be, or any 
part thereof, and to use and enjoy the same ; nor shall the said 
Trustee, or any future trustees or trustee, be or become respon- 
sible or liable for auy destruction, deterioration, loss, injury, or 
damage which may be done or occur to the premises hereby 
mortgaged, or agreed or inteuded so to be, either by said fiail- 
road Company, or said Coal Company, or their agents or ser- 
vants, or by any other person or persons whomsoever; nor shall 
uny such trustees or trustee, present or future, be in any way 



123 

respoDsible for the consequences of any breach, on the part of 
the Railroad Company or Coal Company, of any of the cove- 
nants herein contained, nor of any act of the Railroad Company 
or Coal Company, their agents or servants ; nor shall the said 
Trustee or trustees, present or future, be 6r become liable or re- 
sponsible for any cause, matter, or thing except its, his, or their 
own willful and intentional breaches of the trusts herein ex- 
pressed and contained. 



8. That in the event of the resignation, neglect, refusal, or 
incapacity to act, of the Trustee, or any successor or successors in 
the trust, then the Railroad Company shall have full power and 
authority to nominate and appoint a new Trustee or trustees for 
the purpose of filling the vacancy so caused : Provided, however, 
That any Trustee thus nominated and appointed may at any time 
be superseded by a new appointment, made and certified to in 
writing by the holders of a majority of the bonds, original or 
substituted, of the first series hereby intended to be secured then 
outstanding, or, in case of there being no bonds of the first series 
then outstanding, by the holders of a majority of the bonds, 
original or substituted, of the second series then outstanding, 
hereby intended to be secured ; and the said Trustee or trustees 
so nominated and appointed shall take upon itself, himself, or 
themselves the same trusts and have the same powers, and be sub- 
ject to all the stipulations and conditions of this indenture, all 
which trusts, powers, stipulations, and conditions it is hereby 
agreed and declared, shall extend to, and be performed and exe- 
cuted by such newly-appointed Trustee or trustees as they can or 
may or could or might be by the Trustee herein, and the like 
nomination and appointment shall and may be made and carried 
into effect in like manner, and as often, from time to time, as 
there may be occasion therefor, and with the same effect as 
before mentioned. 



In Witness Whereof, The Railroad Company and the 
Coal Company have caused their respective corporate seals to 
be hereunto affixed, and to be duly attested by the signatures of 



124 



the president pro tern,, and the secretary of each of the said cor- 
poratioDS. 



Sealed and delivered in^ 
the presence of 
Albert Foster, 
F. P. Kaercher, 

C. H. QUARLES, 

J. Y. Humphrey. 



GEORGE DE B. KEIM, 

Preset, p. L 

N 

Attest : 

/ - Seal 

Albert Foster, p.&r. j 

K. B. Co. / 



Sect'y, \ 



V 



y 



GEORGE DE B. KEIM, 

Pres'Up, L 



Attest : 
F. P. Kaercher, 

Sect'y. 



I Seal 

I P. A R. 

C. A L Co. 

\ 



/ 



The Pennsylvania Company for Insurances on Lives and 
granting Annuities hereby accept the foregoing trust. 

In Witness Whereof, The said Company have caused their 
corporate seal to he hereunto affixed, duly attested this twenty- 
ninth day of August, A. D. 1882. 



^ 



Sealed and delivered in 
the presence of us. 

Jarvis Mason, 
Wm. E. Rushton, 



LINDLEY SMYTH. 



Pt. 



Attest : 

L. II. Stkkl, 

Seciy, 



Ska I. 
Ponna. Co. for s 
Insurunces 

on 
Lives. Ac. 



125 



City of Philadelphia, 
State of Pennsylvania 



}88. 



Be it Remembered, That before me, the subscriber, a no- 
tary public in and for the said city, personally came and ap- 
peared George de B. Keim, president pro tern, of the foregoing 
named corporation. The Philadelphia and Reading Railroad 
Company, who, being duly sworn, deposes and says, that he was 
personally present at the execution of the foregoing indenture of 
mortgage, and did affix the common or corporate seal of the said 
corporation, The Philadelphia and Reading Railroad Company, 
thereto, and that the seal so affixed is the common or corporate 
seal of the said The Philadelphia and Reading Railroad Com- 
pany, and that the foregoing indenture of mortgage was duly 
sealed and delivered as and for the act and deed of the said The 
Philadelphia and Reading Railroad Company, for the uses and 
purposes therein mentioned, and that the signature of this depo- 
nent to the said indenture or mortgage, as president pro tem. of 
the said corporation, is of this deponent^s own proper hand- 
writing. 

GEORGE DE B. KEIM. 

Sworn to and subscribed before me. Witness my hand and 
official seal, this twenty-sixth day of August, A. D. 1882. 

J. Y. Humphrey, 
[seal] Notary Publio. 



Cirr or Philadelphia] 
State op PehnsVltaaia. 




Be it Bbkbkbebss, Ttmt before me, the subscriber, a do- 
ttry piiblio io and for eaiiJ city, personally came mid nppnrad 
Albert Foster, secretary of the foregoing named corporati<H), 
The Philadelphia and Reading Bailroad Company, who, being 
doly sworn aooording to law, deposes and says that he was per- 
sonaU^ present at the execution of the foregoing indenture of 
mortgage, and saw Qeo^ de B. Keim, president pro tem. of 
the said corporation, affix the seal of the said company to the 
■aid indenture of mortgage, and deliver the same as the act and 
deed of the said company, and that the name of this deponeot, 
sabeoribed to the said iodenlure as secretary of the ssid corpora- 
tion, in attestation of Ihe due execution and delivery of the said 
Indenture, is of this deponent's own proper handwritiug. 

ALBERT FOSTER. 

Sworn to and subscribed before me. Witness my hand and 
official seal, this twenty-sixlli day of August, A. D. 1882. 
J, Y, Humphrey, 

[seal] Nolanj Public. 



127 



City of Philadelphia, 
State op Pennsylvania 



Xss. 

NIA, j 



Be it Remembered, That before me, the subscriber, a no- 
tary public in and for the said city, personally came and ap- 
peared Greorge de B. Keim, president pro tern, of the foregoing 
named corporation, The Philadelphia and Reading Coal and 
Iron Company, who, being duly sworn, deposes and says that 
he was personally present at the execution of the foregoing in- 
denture of mortgage, and did afiSx the common or corporate 
seal of the said corporation. The Philadelphia and Reading 
Coal land Iron Company, thereto ; and that the seal so afiSxed 
IS the common or corporate seal of the said The Philadelphia 
and Reading Coal and Iron Company, and that the foregoing 
indenture of mortgage was duly sealed and delivered as and for 
the act and deed of the said The Philadelphia and Reading Coal 
and Iron Company, for the uses and purposes therein mentioned; 
and that the signature of this deponent to the said indenture of 
mortgage, as president pro tem. of the said corporation, is of 
this deponent's own proper handwriting. 

GEORGE DE B. KEIM. 

Sworn to and subscribed before me. Witness my hand and 
ofEcial seal, this twenty-sixth day of August, A. D. 1882. 

J. Y. Humphrey, 
[seal] Notary Public, 



128 



City of Philadelphia, 
State of Pennsylvania 



IIA, 1 
' >88, 

NIA, J 



Be it Remembered, That before me, the subscriber, a no- 
tary public in and for the said city, personally came and ap* 
peared Franklin P. Kaercher, Esquire, secretary of the fore- 
going named corporation, The Philadelphia and Reading Coal 
and Iron Company, who, being duly sworn according to law, 
deposes and says that he was personally present at the execution 
of the foregoing indenture of mortgage, and saw George de B. 
Keim, president pro tern, of the said corporation, affix the seal 
of the said company to the said indenture of mortgage, and de- 
liver the same as the act and deed of the said company; and 
that the name of this deponent, subscribed to the said indenture 
as secretary of the said corporation, in attestation of the due exe- 
cution and delivery of the said indenture, is of this deponent's 
own proper handwriting. 

F. P. KAERCHER. 

Sworn to and subscribed before me. Witness my hand and 
official seal, this twenty-sixth day of August, A. D. 1882. 

J. Y. Humphrey, 
[seal] Notary Public, 





BETWEEN 



The New York Central and Hudson River R. R. Co., 

The Fall Brook Coal Company, 

The Jersey Shore, Pine Creek and Bufalo Railway 

Company, 

The Philadelphia and Reading Railroad Co., 



And others. 



FEBRUAnV 4, I8S». 



See Supplements Dated April 1st and July 15th, 1882, 

Pages 149 and 155, 




®l)iS ^gtetntfnJ, Ma.le am] coiid.ulcil this fourlli day of 
February, in the year of our Lonl one lliousand eight hundred 
and eighty-lw(), by and between The New York Central 
AND Hddson River Railroad Company, liereinafter called 
the Central ComfMiny, of the first part; The Gene\'A and 
Lyons Railroad Company, hereiuafter called tlio Lyons 
Company, of i he second purl; The Syracuse, Geneva and 
(^RNiNG Railway Company, hereinafter called the Syracuse 
Company ; The Corning, Cowanesqde and Antrim Rail- 
way Company, hereinafter calleil the Antrim Company, and 
the Fall Brook Coal Company, lessee of the lines of the 
Syrncuse and of tlie Antrim companies, hereinafter called the 
Fall Brook CorajMiny ; the three laller of tlie third pari ; The 
Jersey Shore, Pine Crekk and Buffalo Railway Com- 
pany, hereinafter called the Pine Creek Company, of ihp fourth 
part; The Philadelphia and Reading Railroad Compa- 
ny, hereinafter called The Reading Company, of the 6fth part, 
and The Philadelphia and Reading Coal and Iron Com- 
pany, hereinafter called the Coal and Iron Company, of ih« 

MXth part — WITNESSETH : 

That for and in consideration of the t^everai covenants here- 
inafter entered into by and between the several parties hereto, 
and of the sum of one dollar by each in hand paid to each of 
the others, the said several parties covenant to and with eaeh 
other as follows, viz. : — 

First. — The said Pine Creek Company covenants ami agrees 
that it will proceed forthwith an<l complete with all reasonable 
dis|tatch the constrnction of its line of railway from a [joint of 
connection with the Calawissa branch of The Philadelphia and 
Reading Railroad in the city of Williams[>ort, to a point of con- 
nection with the railroad of the Antrim Company, at or near 
Slokesdale, Tioga county, Pennsylvania. 

Second. — The Reading Comjiany covenants to locate and to 
construct with nil reasonable dispatch a line of railroad from a 




132 

cnnnectjOD with its BTBtem at or unr tlie town of 8iiamukin, 
Pennsylvania, to a point of Gonnection with its Ofttawissa brancli, 
at or near the town of Danville, PeDneylvania, and alao a 
nants'and i^rees that if the said line of railroad shall be t 
structed SDtl owned by a New Bulroad Company lo be fi 
tot the purpose, that the said new company shall do, kee|», and 
perform all the covenants herein entered into by The Keadtag 
"CompaDy, wbioh are to be done, kept, and performed with refer- 
enoe to the location, constraation, maintenance, and operation of 
the said propoeeil line of railroad between Shamokin and Dao- 
ville aforesaid. 

Thibd. — ^The said parties of the first, second, third, fimxth, 
and fifth parts covenant and agree with each other that itpcm 
the completion of the said two railroads to be oonstracted under 
itrtioles first and second of this agreement, the said several lines 
of railroad owned, operated, and controlled by them shall be 
used for the interchange of local and through traffic as a sy^bom 
of connecting lines forming one through line from the oity of 
Philadelphia to the city of Buffiilo, which said through line is 
ill this agreement hereafter designates] as tlie New Line. 

Fourth. — The Rea<ling Company covenants and agrees with 
the other parties lieretu that the New Line shall iiave the bene- 
fit of all The Reading Company's Baltimore and Southern Rail- 
way connections, now existing or hereafter to be secured, con- 
structed, or formed. 

Fifth. — Tlie Central Company covenants and agrees with 
tlieother (lurties hereto that the New Line shall have the ben- 
efit of all the Central Company's western and northern rail- 
way connections now existing or hereafter to be secured, coii- 
strncted, or formed. 

Sixth. — The Reading Company covenants and agrees witii 
the parlies of the first, second, thir<l, and fourth parts that all 
railway traffic, the route, direction, or destination of which it can 
control, from Philadelphia and intermediate points, and from 
points south of Philadelphia, and destined for points upon or 
beyond the said New Line, shall be thrown upon the said New 



133 

Line. It being expressly understood and agreed, however, that 
this covenant shall not be construed, either to prevent shipments 
of any traffic from The Reading Company's lines to any points 
via the Lehigh Valley Railroad from Bethlehem or Allentown, 
or from any point or points at which the traffic of the Lehigh 
Valjey Railroad Company may now or hereafter be thrown 
upon the lines of The Reading Company, or to prevent shipments 
by The Reading Company over its lines and connecting lines via 
Harrisburg westward. 

Seventh. — The Central Company covenants and agrees with 
the parties of the second, third, fourth, and fifth parts that all 
railway traffic from points on its line, or from its western and 
northern connections, the route, direction, or destination of which 
it can control, and intended for points upon or beyond the New 
Line, shall be thrown upon the said New Line. It being ex- 
pressly understood and agreed that nothing herein contained 
shall be construed to prohibit an interchange of traffic between 
the lines of the Central Company and those of The Reading 
Company via the present existing lines of the Lehigh Valley 
Railroad Company, of the Delaware, Ijackawanna and Western 
Railroad Company, and of the Northern Central Railway Com- 
pany under existing agreements with said companies. 

Eighth. — The Reading Company covenants and agrees to 
provide or procure to be provided at all times proper terminal 
facilities in Philadelphia to handle all the traffic other than coal 
which may be thrown upon the New Line destined for delivery 
in or transhipment by water from Philadelphia. 

Ninth. — The Central Company covenants and agrees to pro- 
vide or procure to be provided at all times proper terminal facil- 
ities in Buffiilo to handle all the traffic other than coal which 
may be thrown upon the New Line destined for delivery at or 
transhipment by water from Buffiilo. 

Tenth. — The parties of the first, second, third, fourth, and 
fifth parts covenant and agree to and with each other that each 
willy at all times, upon its own lines move and transport with 
promptness and dispatch and deliver at the proper points of con- 




184 

necUoD all traffic thrown upon or ooitugned over the New Uoe" 
or any part thereof vid intended to be intercliangedatany point 
of junotioD, and prompt!/ forward and return the empty am, 
and that each will, if required by the others, furnish hkJ) pro- 
portion of can fbr the joint through btuineea as its propcntfon 
(^distance over which tiie particnlar traffic carried in aooh oara 
is moved upon its own lines, bears to the entire distaoce meli 
traffic ifl carried. 

Eletehth. — Each of the parties of the first, eeoond, third; 
fourth, and fifth parts shall establish its own local ratea for local 
traffic passing from a local point upon one line to a local point 
upon another line. All traffic between Philadelphia and ikhoIs 
south of Philadelphia, and BuflJtlo and points north and west oi 
Buflalo, and all anthracite coal traffic irom Shamokin and 
points east of ^amokin to Bnflkto and points north and WMt 
of Buffiilo, and all traffic between Canada and points tm Hm 
Beading Company's lines, are declared to be through traffic 
and the rates ibr all through traffic, so ftr as the proportions of 
the parties hereto are concerned, and so far as they shall not 
conflict with any agreemeniB of the Trunk lines, shall be estab- 
lished from time to lime by the parties hereto, and after deduct- 
ing any customary proper arbitrary charges, shall be pro-rated 
among the several parties of the first, second, third, fourth, and 
fifth parts, according to the actual distance over which the said 
through traffic passes on the lines of each of said five parties 
hereto ; and in case the Baid five parties hereto can not agree 
upon the rates of through traffic or such customary and proper 
arbitrary charges, the same shall be established, subject to the 
above limitations, in the following manner: the Central Com- 
pany shall select one umpire and The Reading Company shall 
select one umpire, who sliall jointly determine and establish the 
said through rates or customary arbitrary charges ibr a period 
not exceeding six months at a time, and if the two umpires thus 
chosen can not agree, they, the said two, shall select a third, and 
the decision of a majority of the three shall be final for said 
period of six months. 

Twelfth. — The Coal and Iron Company covenants and 
agret's to and with the parties of the first, second, third, fourth, 



lod fif'tli parU thai all aiillii-acite coal wliicli it may coiiblg^ 
|H>inU upon ihc New Line, or tu or through SuB|)eiisioii Bridge, 
BuSitIo, or Erie, shall be seut viii the New Line ; and ihat it will, 
III ihe Iwsl of its ability, endeavor to direct the shipment over 
ihe New Liioe ofali coal mined by it which may be iutended for 
consumption ii])on or eliipment from any point upon the New 
Line, or for shipment to or throngh Suspension Bridge, Buffalo, 
or Erie afs nforeaaid. And the said Coal and Iron Company 
further covenants and agrees that it will, at all times, furnish at 
the then current market price for anthracite ooal at Shamokin 
all anthracite coal for which purchaserci can be found, and which 
is intended for shipment via the New Line to |mints ujKin the 
New Line, or for shipment to or throngh Suspension Bridge, 
Buffalo, or Erie: /"royitifd, Thai the anthracite coal so to be 
furnished is mined in that part of the Middle Coal Field beiweeu 
Locust Summit and Trevorton, and (hut the total amount so to 
be furnished in any month shall not exceed one-third of the 
total amount mined In Miid month by the Coal anil Iron Com- 
pany in that part of the Middle Coid Field which Iie5 between 
Locust Summit and Trevorton: And proeuted further, 'Vhixt 
nothing in this agreement is to be construol to oblige the Coal 
nnil Iron Coniitany to furnish coal to any purchaser at the re- 
(|UC8t of any of tiie other parties to this agreement so long as the 
aaid Coal am! Iron Company furnishes for shipment over the 
New Line the amount of anthracite coal required to be furnished 
in any one month under this agreement. 

'hibteknth. — All the parlies hereto covenant and agree to 
with each other ihat, until the through rate on anthracite 
«Dal is otherwise esiablished under Ihe eleventh clause of thia 
agreement, the said through rate from Shamokin to Buffalo 
shall l)e fifty-seven per cent, of the selling price for such coal at 
Buffalo as is carried under the said through rate when said ooal 
is carried in coal cars, with the customary deduction t>elaw 
fifty-seven per cent, when said ooal is carried in box cars. 



Fourteenth. — The Reading Com]«ny hereby grants to the 
Cenlrnl Com[)any, to the Pine Creek Comi>any, and to the An- 
trim Company, and either of them, subj(iet at all limes lo the 
ri'asonJible police regulations of The Reading Com|>Hny, the right 



136 

of Fanning tbeir tooomotiv«s betweoi Williamsport and ^ha- 
mokln vU the new line to be conrtrncied between Shamokin 
and Dftnvitle, u afttreeaid, snob right bi I)g exercised, ho 
only for the parpdw of transporting coni consigned Tram Slia- 
mobin to points npon or beyond the linea of the Pine Creek 
Company, and t^ snpplyii^ empty oira to Shamokin to be 
loaded with coal consigned as aforesud. And the Centnl Ooot- 
paoy, the Pine Creek Company, and the Antrim Compaoy, or- 
any of them exercising the right, covenant and agree to ptf ttt 
The Beading Company as rent for the aaid bwi^age i^ita^ a 
sam eqoal to forty per cent, of the entire pro raU of the tihroagii 
rate, leas any proper arbitrary charge, on sodi antbraoita ooal 
applicable to the distance between Shamokin and Williara^Mft 
as aforesaid, the said rents to be payable monthly on the tiiiid 
Wednesday of each month for all coal so tam^wrted doring 
the previoDS month. And the aaid Central Company, the Piaa 
Creek Company, and the Antrim Company covenant and agna 
each for itaelf, that they or it will not make ose of the aaid 
right of trackage herein granted, so long as The Beadii^ CoM^ 
pany contiuaes to move and transport the said anthraohe ooal 
traffic and empty cars between Shnmokin and Willlamsport 
under the tenth covenant of this agreement. The true intent 
and manning of this fourteenth clause being to grant and demise 
to the Central Company, the Pine Creek Company, and the 
Antrim Company, and either of ihein, for the entire term of this 
agreement, and subject to the rents herein reserved, a right to 
use The Reading Company's line, as hereinabove provided, be- 
tween Shamokin and Williamsport for the transportation of 
coal and cars for same consigned as aforesaid, to he exercised io 
the event of The Reading Company declining or refusing to per- 
form its covenants under the tenth clause of this agreement. 

Fifteenth. — And whereas it is the intention of the Pine 
Creek Company to issne and sell so many six per cent, first 
mortgage bonds at par as shall lie necessary to pay its floating 
debt, to provide means to construct its said line of road, and to 
pay interest pending the construction of its line, and for six 
months thereafter, upon bo many of the bonds as may be issue*!, 
and which said issue shall not exceed the sura of two and a half 
millions of dollars, or any less sum that may be snfficient for the 




o'purpoaea aforesaid. And wherena The Reading Company, 
the Central ComiMny, and the Antrim Comimny have agreed 
to gnaraiitce the payment of the interest and principal of eaid 
bonds, and it has been agreed among the parties that proviBion 
ehall be made, in certain contingencie", lo advance money as a 
loan lo the Pine Creek Company, if it be required, to pay 80 
mnch of ihe interest upon the said bonds :is may not be 
provided for by the net earnings of the Pine Creek Com- 
pany. Now, ihe jtarty of the first part, the party of the 
second part, the party of the third part, and tlie party of 
the fiflli part covenant and agree to and with each other and 
with the party of the Iburth part, (hat if, at any tiuie, aller 
the said Pine Creek Company shall have coroplete<l ila 
line of railroad, the prior net earnings of the siiid Pine Creek 
Company not theretofore appropriated to the i)ayment of prior 
interest upon said bonds shall be insufficient to pay the inter- 
est at six per cent, npoti the said issue of two and a half 
millions of bonds, or so much thereof as may be issued as 
hereinabove provided as the same becomes due and payable, 
thai then each of the said parties of the first, second, third, and 
fifth parts will advance as a loan to the Pine Creek Company 
such proportion of the deficienry in said interest as may exist at 
any {>eriod of semi-annual payment thereof, as its gross receipts 
U[>on its line from traffic passing over all or any part of the 
Pine Creek Company's line, for the six mouths terminating 
sixty days prior to tlie period of said interest paymentshall bear 
tu the gross receipts of all of the said parties of the first, second, 
third, and fifth parts derived npon all of their lines from traffic 
passing over all or any part of the Pine Creek Company's line 
for the same six months; It being provided, however. That in 
no event shall either of the parties of the first, second, 
third, or fifth parts be obliged to advance more than twenty 
per cent, of its entire gross receipts from traffic jiasshig over 
all or any part of the Pine Creek Company's line, in any of 
the said [>eriods of six months, it being expressly understood 
and agreed to between all the parties that the said advances, if 
re<iuired to supply any deficiency in interest, shall be made and 
used for the pnrpose of paying the snid intereet before the Pine 
Creek Company shall have the right to apply to cither the Cent- 
mi Company, The Reading Corojtany, or the Antrim Company 



188 

to prat^ their direotgoaniDteeiif Slid boMbi And tlMi^FhMrOMik 
Gompany hereby oovenants and agreei to and wkk tbejaid pailiai 
of the firal, second^ third^ and fifth parte that k will oMnfi 
deliver its seoond mortgage six per cent, bonds at par to 
of the $aid parties of the first, second, third, and fiiUi fNUPto Ibr 
all advances of money so made by any of them ; that the total 
amonnt of second mortgage bonds to be issued by it shall noty 
without the consent of the parties of the first, second, third, and 
fifth parts, be greater than enongh to repay the said advaoess 
and any payments over and above the said advances that may 
be made by either the Central Company, The Reading Company, 
or the Antrim Company, on account of their direct goarantee of 
said bonds, and that it will faithfully apply all of its net revenue 
that may be required in any one year to the payment of inteieit 
on its bonds, and that it will make no lease or sale of its railroad 
without requiring that at least thirty per cent of the gross re» 
ceipts of its line, if so much should be required, and all of its net 
revenue or rental if the same is over thirty per cent of its gross re- 
oeipts, and if so much as its entire net revenue or rental is required^ 
in each year — ^first to the payment of the interest upon its firsi 
mortgage bonds and then to the extent required to the payment 
of interest upon such of its second mortgage bonds as may be 
issued under this clause of this agreement, and that if in any 
year there shall not be at least thirty per cent, of the gross re- 
ceipts of the Pine Creek Company for such year applicable to 
the payment of interest upon its bonds, and applied to such 
payment, that then the remaining parties to this agreement may 
have the right to enter upon, take possession of, and o|)erate the 
said Pine Creek Company's line until such time as all arrears 
of interest upon all of its bonds are paid out of the net earnings 
of its line. And each of the said parties of the first, second, 
third, and fifth parts covenant to and with each other that at least 
twenty days prior to the maturity of the semi-annual interest 
upon the said first mortgage bonds of the Pine Creek Com- 
pany, it will furnish to each of the other of said parties and 
to the Pine Creek Company a correct statement of the 
gross receipts derived upon its own line from traffic passing 
over all or any part of the Pine Creek Company's line for 
the period of six months terminating two months prior to 
the said interest periods. And it is hereby agreed between 



139 

the parties^ that the agreement bearing even date here- 
with, under which the Central Company, The Reading Com- 
|)any, and the Antrim Company agree to guarantee the said Pine 
Creek Company's bonds, a copy of which, marked " Exhibit A,'' 
is hereunto annexed, shall, so far as any of the agreements and 
covenants therein affect any of the parties to this agreement, be 
taken as part of this agreement, with like effect to all intents 
and purposes as if the two agreements were one instrument. 

Sixteenth. — It is further herein provided for and agreed 
upon by all the parties, as a condition precedent to any right of 
action in law or equity by any of the said parties, that if any 
dispute or disagreement shall arise among any of the parties to 
this agreement as to anything herein contained, the means of ad- 
justment for which are not already hereinabove provided for, it 
shall be settled as follows : If such dispute is *)nly between two 
of the parties hereto and does not affect the others, then each of 
the said two parties shall select one umpire to whom such dis- 
pute shall l)e referred, and if the two thus selected can not agree 
they shall select a third, and the decision of the majority of the said 
three shall be final and conclusive upon the )>arties. If the dis- 
pute is between more than two of the parties hereto, then it shall 
be settled and adjusted as follows, viz. : The Central Company 
and the Lyons Company shall together select one umpire, the 
Fall Brook Company and the Pine Creek Company shall 
together select one umpire. The Reading Company shall select 
one umpire, and The Coal and Iron Company shall select one 
umpire, lo whom such dispute shall be referred, and if the four 
umpires thus selected can not agree, they shall select a fifth, and 
the decision of the majority of the five shall be final and con- 
clusive ujwn the parties. 

Seventeenth. — This agreement shall continue in force for 
a period of nine hundred years, unless previously terminated by 
the mutual consent and agreement in writing of all the parties 
hereto. 



In WUnm IFA«^, The aaitl several pwtiM haw 
hereanto affixed tbeir several oorportkt tm lM, 
daly attested, the day and .year flnt above 



Maw York Cratnl 



C. VANDEBBILT. 



Attest: 

E. D. WOROESTBB, 



C. VANDEBBILT. 

Vii»-PttmdmL 

Attest : 

E. D. WoROtCSTBB, 

&rfy. 



GEO. J. MAQEE, 

Preg'L 



Attest : 

Albx. Olcott, 
Seci'y. 



Br. 


\ 


Cotni 








Anlr 




(Ullwr 


Co. 1 



GEO J. MAGEE, 

Pre^t. 

Attest: 

Daniei, Bkach, 

Sect'y. 



GEO. J. MAGEE, 

Pra't. 



Attest: 
John Lano, 
Secty 



141 



••••••«•••••••• 



Seal 

Jeney Shore, 

Pine Creek and 

BuffUo 

lUilway Company. 



HENRY SHERWOOD, 

Pres't 
Attest : 

Wm. Howell, Jr., 

SecCy. 



Seal 

Philadelphia 

and 

Reading 

Railroad Co. 



FRANKLIN B. GOWEN, 

PresX 

Attest : 

Albert Foster, 

Secfy. 



Seal 

Philadelphia 

aud 

Reading 

Coal and Iron Co. 



'FRANKLIN B. GOWEN, 

Pretft. 

Attest : 

F. P. Kaercher, 

SecVy. 



Exhibit A. 







BETWEEN 



The New York Central and Hudson River R. R. Co., 

The Philadelphia and Reading Railroad Co., 

The Corning, Cowanesque and Antrim Railway Co., 

The Jersey Shore, Pine Creek and Bufalo Railway 

Company, 



— AXD— 



William H. Vanderbilt. 



FEBRUARY 4, 1HS2. 



See Supplement dated July 15th, 1882, Page 1(>I. 



$l)iS '!^grCeimnt, made ami concluded ihJs fotirtb day of 
February, in tli e year of'our Lord one i liousasd eiglit hundred and 
eighty-two, by and between the Xew York Central and Hud- 
son River Railroad Company, hereinafter ealled the Central 
Conjpaiiy.of thefiret part; The Philadelpuia andReadino 
Railroad Company, hereinafter called The Reading Company, 
of the second part; the Corning, Cowanesquk and Antrim 
Railway Company, hereinafter called the Antrim Company, of 
the third part ; the Jersey Shore, Pine Creek and Buffalo 
Railway Company, hereinafter called the Pine Creek Com- 
pany, of the fourth part, and William H. Vanderbilt, of 
the fifth part: Witnesseth, 

First. — That the Pine Creek Company will execute anti 
create a first mortgage upon its line, franchises iind property, now 
or hereafter acquired, to secure an issue of six per cent. 6fty year 
bonds, to be made by said Pine Creek Company, not exceeding 
in the aggregate two million five hundretl thousand dollare, the 
said mortgage and bonds to be drawn subject to the approval of 
the counsel of the Central Company, the counsel of The Reading 
Company, and the counsel of the Antrim Company. 

Second. — That upon the said mortgage and bonds being duly 
and properly executed as aforesaid, Ihe Central Company, The 
Beading Company, and the Antrim Company, in consideration 
of the advantages to be derived by them under an agreement 
bearing even dale herewith, a copy of which is hereto annexed, 
markeil " Exhibit A," and made part of this agreement, will afEx 
their joint and several guarantee of the payment of principal 
and interest to and upon the said bunds, or to so many thereof 
as may be necessary to provide the means required for the pur- 
poses named in Ihe third article of this agreement. 

Third. — That upon the said bonds being executed and guanin- 
teed as aforesaid, the said William H. Vanderbilt will purchase at 
par and accrued interest from the Pine Creek Company, and the 



146 

•aid Pine Creek CompoD/will sell at par an? accruecTint^'eBt to 
the said William H. Vanderbilt, w> many of said bonds IVc 
to time as may be required for the following purposof:, viz.: — 
A. To pay and relare all of the present floating and other io- 

d^tednesa of the Fine Creek Cc»npany, 
B. . To fiimish the means to pay for the location and oonstniotiaB 
of the Pine Creek Company's line of railway from a prait 
of oonneotion with the Oatawissa branch of Tiie Beading Com- 
pany at Williamsport to a point of conneoticm with the Untot 
the Corning, Cowanesque and Antrim Railway Company lU 
or near Stokesdale, Pennsylvania. 
C. To pay so mnoh interest as daring the period of coDstmotiMi 
aforesaid and for six months thereafter may aocrn'e apon sodi of 
the bonds aforesaid as may be issued and sold ander this apee- 

FouBTH. — The Fine Creek Company covenants and agrees 
with the other parties hereto, that it will not issue or sell any 
more of the said two and a half millions of dollars of bonds 
than are necessary to provide the means required for the pur- 
poses named in the third section of this agreement ; that it will 
faithfully apply all the proceeds of the sale of said bonds, or so 
manyof thera as may be required to be issued, to the purposes 
named in the said third article ; aud tliKt upon the payment of 
its floating debt and the surrender of its present mortgage bonds 
to the extent of one million of dollars held as collateral for its 
said doattug debt, it will cancel the entire issue uf said one mil- 
lion of dollars of bonds, and procure satisfaction to be entered 
of record upon the present mortgage securing the same, so that 
the mortgage hereinabove covenanted to be executed shall be a 
first mortgage upon its property. 

Fifth, — If at any time hereafter any money shall be re- 
quired to be paid by the Central Company, The Beading Com- 
pany and the Antrim Company to protect their guarantee of 
said bonds, the same shall be paid by each in the respective pro- 
portions of the gross receipts upon the line of each company, 
derived from such railway trafGc as passes over all or any part 
of the line of the Pine Creek Company, for the six months 



147 

termiDatiDgtwo months prior to the maturity of the interest 
upon the said bonds of the Pine Creek Company, in respect of 
which the said money may be required to be paid. And as the 
proposed guarantee is to be joint, as well as several if either 
of the guarantor companies alone is obliged to pay any money 
to protect its guarantee^ the other guarantor companies shall be 
obliged to refund such a proportion of the amount as will make 
ibe contribution of each equal the proper proportion herein- 
above provided for. 

Sixth. — The Pine Creek Company hereby agrees that for all 
sums of money paid by the guarantor companies to protect the 
said guarantee, it will deliver its second mortgage six per cent, 
bonds at par. to the guarantor companies, and that the amount of 
such second mortgage to be issued, shall never without the con- 
sent of the Central, The Reading, and the Antrim Companies 
exceed the amount of money which may be advanced for the 
protection of their guarantees by The Reading Company, the An- 
trim Company, and the Central Company under this agreement, 
plus the amount advanced for the purpose of paying interest on 
the said first mortgage bonds by The Central Company, The 
Reading Company, The Greneva and Lyons Railroad Company, 
The Syracuse, Geneva & Corning Railway Company, The Corn- 
ing, Cowanesque & Antrim Railway Company, and The Fall 
Brook Coal Company, or any of them under an agreement bear- 
ing-even date herewith, and entered into between all of the 
above parties, the Pine Creek Company and The Philadelphia 
and Reading Coal and Iron Company — a copy of which is 
hereto annexed as aforesaid. 

Seventh. — The Pine Creek Company hereby covenants and 
agrees to and with the other parties to this agreement, that it 
will annually faithfully apply all of its net revenue and earning 
to the extent required to the payment of the interest upon its 
said first mortgage bonds, and that its books and accounts shall 
at all times be open to the examination and inspection of the 
properly authorized agents of the Central Company, the Antrim 
Company, and The Reading Company. 



. -S^' 



148 



In WUiMBB Whereqf, The nOd ptfties of the ftori^ 
eeoondy third, Mid foarlh parte have henlD afijBri 
thdr oorporate eeala, duly attested^ aad the par^ 
of the fifth part hae hereonto eet h» hand and 
affixes hb eeal, the day and the year fiiat abo?e 
written. 



i < 



j Beia • 

•New York Centna: 

I Md : Attest: 



C. y ANDEBBILT, 

lit Vtee-PtwUmtt 



t »»■«■■•—•»—»»—«»»»•»*•«»•»»« ■ 



: 



See^jf. 



ami 



I ™''**^ "* I Attest: 

j BaUrotd Compuij. j 



FRANKLIN B. GOWEN, 



Sed'y. 



: " • GEO. J. MAGEE, 

: Corning, Co wanesque • •* ' ^ *• 

j *°d j Attest: 

: Antrim Railway T^. <r» 

Company. DaNIELBeACH, 



Sect'y, 



HENRY SHERWOOD, 

Presiderd. 

lJer«.y Shore, Pine i ^^^^ . 

Wm. Howell, Jr., 

Secfy. 



Creek and 
jBoi&lo Railway Co.: 



W. H. VANDERBILT. [seal] 



^nppltmtntid 







BETWEEN 



The New York Central and Hudson River R. R. Co., 

The Fall Brook Coal Company, 

The Jersey Shore, Pine Creek and Bufalo Railway 

Company, 

The Philadelphia and Reading Railroad Co., 



And others. 



APRIL 1st, 1882. 



Obiohtal Aobeehekt Dated February 4th, 1882, Paob 129. 



151 



iDljereaaf In and by an agreement^ made the fourth day 
of February, eighteen hundred and eighty-two, by and between 
the undersigned, copy of which is hereto annexed, it was pro- 
vided that The Philadephia and Beading Railroad Company 
should construct a line of railroad from a connection with its 
system at or near the town of Shamokin, Pennsylvania, to a 
point of connection with the Catawissa branch of The Philadel- 
phia and Reading Railroad at or near the town of Danville, 
Pennsylvania ; 

2ln5 iDljereaCf, It has been found by surveys that it is bet- 
ter for all the parties hereto that the said line of railroad so 
to be constructed from the town of Shamokin should be con- 
nected with the Catawissa branch of The Philadelphia and 
Reading Railroad at oi; near West Milton, Pennsylvania, in- 
stead of at or near the town of Danville, as provided in the said 
agreement. ^ 

Now, it is hereby agreed upon between the parties, that the 
said railroad so to be constructed by The Philadelphia and 
Reading Railroad Company may be located and constructed to a 
point of connection with the Catawissa branch of The Philadel- 
phia and Reading Railroad at or near West Milton, Pennsylva- 
nia, with like effect to all intents and purposes as if the said 
original agreement had provided that it should be so constructed ; 
the said original agreement remaining in full force in all other 
respects, and being treated as if in lieu of Danville the words 
" West Milton " had been inserted in the said agreement wher- 
ever the word " Danville " occurs. 




jh'WUneaa ff'/ifl-co/', The said several partie* 
to the agreemenl, of wliicli this is & sup- 
plement, have hcreuntoafGxed their sev- 
eral oorponte smIi, daljr gtbetbeA, tUi 
flnt d».y of Apri], in the year of onr 
Lend one tboontid ogfat bandnd and 
^^ly-two. 



. ^ VAUDERBILT, 

'r^ Id VSee-JPtmL 

LB.Oi. ) S. D. WcnCORFBB, 

1 &9. 



Otnera i Ljoni 
£.S.C(i. 



C. VANDEBBILT, 

Vioe-PraL 



E. D. WOBCESTEB, 



&oy. 



[ Brnuran, a«D«ra 
: A CarnlDg B. W. 



GEO. J. MAGEE, 



Alex. Olcott, 



GEO. J. MAGEE, 



Daniel Beach, 



153 



Seal 

¥U1 Brook Coid 

Co. 



GEO. J. MAGEE, 



Prefi. 



Attest: 



John Lang^ 



&oy. 



Seal I 

Jeney Shore, Pine 

Creek and 
Buflklo Railway Co. 



HENRY SHERWOOD, 

Frui. 



Wm. Howeli^, Jb., 



Secy. 



Seal 



I Philadelphia and 



I 



Beading 



\ Bail road ComfMuiy. 



GEORGE deB. KEIM, 

Pted. P. T. 



Attest: 



A. Foster, 



Seoy. 



• ••••••••••••••••••••••••••• ^ 

• • 

1 ^^ \ 


I PhiladelpMa and j 


Beading 


i Coal and Iron Co. i 

• 1 

• ••••••••••••••••••••••••••••••••• ^ 



GEORGE dbB. KEIM, 

Ptest. P. T. 



Attest: 



F. P. Eaercher, 



Seejf. 



^nppltmtvAixl 








BETWEEN 



The New York Central and Hudson River R. R. Co., 

The Fall Brook Coal Company, 

The Jersey Shore, Pine Creekand Bufalo Railway Company, 
The Philadelphia and Reading Railroad Co., 

And others. 



JVLY 15th, 1882. 



Original Agreement dated February 4th, 1882, Page 129. 



157 



^gtCtnUntt Made this fifteenth day of July, 1882, by and 
between The New York Central and Hudson River Rail- 
road Company, hereinafter called the Central Company, of the 
first part ; The Geneva and Lyons Railroad Company, 
hereinaft;er called the Lyons Company, of the second part ; The 
Syracuse, Geneva and Corning Railway Company, here- 
inafter called the Syracuse Company; The Corning, Cowan- 
B8QUE AND ANTRIM RAILWAY CoMPANY, hereinafter called 
the Antrim Company, and the Fall Brook Coal Company, 
lessee of the lines of the Syracuse and of the Antrim Companies, 
hereinafter called the FaU Brook Company; the three latter of 
the third part; The Jersey Shore Pine Creek and Buf- 
falo Railway Company, hereinafter called the JPine Creek 
Company, of the fourth part; The Philadelphia and Read- 
ing Railroad Company, hereinafter called the Reading Com- 
pany, of the fifth part ; and the Philadelphia and Reading 
Coal and Iron Company, hereinafter called the Coal and 
Iron Company, of the sixth part ; being supplementary to an 
Agreement made between the same parties the fourth day of 
February, 1882, and hereto annexed. 

Whereas, The Central Company, the Reading Company, 
the Antrim Company, the Pine Creek Company, and William 
H. Vanderbilt, have by an Agreement made the fifteenth day of 
July, 1882, supplementary to an Agreement between them made 
the fourth day of February, 1882 (which last Agreement is an- 
nexed to the Agreement to which this is supplementary and is 
marked ^^ Exhibit A," and is to betaken as part thereof as 
therein provided), under which the bonds to be made by the 
said Pine Creek Company shall be three millions and five hun- 
dred thousand dollars ($3,500,000), instead of two millions and 
five hundred thousand dollars ($2,500,000), as was provided in 
the said Agreement between the said parties made the fourth day 
of February, 1882, and all the other provisions and conditions 
of the said Agreement shall be held to apply to the new or in- 
creased amount of bonds, to wit : Three millions and five hun- 
dred thousand dollars ($3,500,000). 



Now, Tebhbiob^ ThRe Presents Witness, That the 
^d parties berato'ia oonndanti(ni of tb« motaal oov«nanla flo»- 
l wiirf igl huMMi g r B a« w>hitwii>.thfliiartM»bew>o,iii>deaw 
finirth dfty of F^>niai7, 1883, aaA in fiirtb«r oouuJaJwrtl— rfw 
doUax by ewh ptrtf to eat^ of the other putiea {Mpd, lierAf 
oovaiant end agree to and' with aedk other m followe : — 



Fi&vr. That the egreamant annezed to the agreement be- 
tween the partieB horeto, made the foorUi day of Febmarjr, 1883, 
and marked " Exhibit A." shall be tokea to be mob agreement 
aa the eame has been modified or amended by the Sapplemaoi- 
ary Agreement between the partiee theseto aa faereinbefbre stated, 
with the same fbroe aod'effect aa if the modifloati<HiB or amend- 
ments had been part and parcel of the aaid agreemoit when ao 
annexed and marked. 



SBOoim. That any and all of the proTieiooa of the said 
agreement betwera the partleB hereto made the fimrth day of 
Fri>raai7, 1882, that have any refiirenoe- to, or are in any way 

oonneoted with the bonds to be made by the I^ne Creek Com- 
pauy, as therein referred to, shall a[)[>ly with equal force and 
effect to the ^gr^ate of not exceeding three millions and five 
hundred thousand dollars ($3,500,000), in such bonds provided 
for ill the modified or amended " Exhibit A." 

In Witness WHEREor, The several 
parties have hereunto affixed their 
several corporate seals, duly attested, 
the day and year first above written. 

C. VANDERBILT, 

IH Vtce-Pt. 

E. D. WORCESTEH, 



w York CenCnl 

and Hndion River Rall- 

wd Compinj. 



C. VANDERBILT, 

Viee-Prat. 



E. D. WOBCBSTEB, 

Secy. 



159 



8eal 
SyncuM, G«neTa 
A Corning R. W. 

Go. 



GEO. J. MAGEE, 



Piest. 



Alex. Olcott, 

Secy, 



Seal 

Coming, 

Cowaneaque and 

Antrim 

Railway Co. 



GEO. J. MAGEE, 

Fred. 
Daniel Beach, 

Secy. 



Seal 

Fall Brook Coal 

Co. 



GEO. J. MAGEE, 



Prest. 



' John Lang, 
Secy, 



Seal 
Jersey Shore, Pine 

Creek and 
BnflUo Railway Co. 



HENRY SHERWOOD, 

Presi. 
Wm. Howell, Jr., 

Secy. 



Seal 

PhUadelphia and 

Reading 

Railroad Company. 



GEORGE deB. KEIM, 

Prest. p. t 
Attest : 

A. Foster, 

Secy. 



Seal 
PhUadelphU and 

Reading 
Coal and Iron Co. 



GEORGE deB. KEIM, 

Presi. p. t. 
Attest : 

F. P. Kaercher, 

Secy, 



^nppltmtntvA 







BETWEEN 



The New York Central and Hudson River R. R. Co., 

The Philadelphia and Reading Railroad Co., 

The Corning, Cowanesque and Antrim Railway Co., 

The Jersey Shore, Pine Creek and Buffalo Railway Company, 



-AMD— 



William H. Vanderbilt. 



JULY 15th, 1882. 



Original Agreement dated February 4th, 1882, Page 143. 



163 



^gtCntUnt Made this fifteenth day of July, 1882, by and 
between The New York Central and Hudson River 
Railroad Company, hereinafter called the Central Company^ 
of the first part ; The Philadelphia and Reading Rail- 
road Company, hereinafter called the Reading Company, of 
the second part ; The Corning, Cowanesque and Antrim 
Railway Company, hereinafter called the Antrim Company, 
of the third part ; The Jersey Shore, Pine Creek and 
Buffalo Railway Company, hereinafter called the Pine 
Creek Company, of the fourth part; and William H. Vander- 
bilt, of the fifth part; being supplementary to an agreement 
made between the same parties the fourth day of February, 1882, 
and hereto annexed. 

Whereas, It has been ascertained that the bonds to be issued 
by the Pine Creek Company, and secured by a first mortgage 
upon its line, franchises, and property to an amount not exceed- 
ing in the aggregate two millions and five hundred thousand 
dollars ($2,500,000), as provided in the said agreement made the 
fourth day of February, 1882, will not be sufficient to provide 
the means necessary to accomplish the purposes set forth in the 
said agreement. 

Now, Therefore, These Presents Witness, That The 
said parties hereto in consideration of the mutual covenants con- 
tained in the said agreement made the 4th day of February, 1882, 
and in further consideration of one dollar by each party to each 
of the other parties paid, hereby covenant and agree to and with 
each other as follows : 

First. That the Pine Creek Company will execute and create 
a first mortgage upon its line, property, and franchises, now or 
hereaft;er acquired, to secure an issue of six per cent., fifty-year 
bonds, to be made by the said Pine Creek Company, not ex- 
ceeding in the aggregate three millions and five hundred thous- 



164 

and dollars ($8,600,000), instead of not exceeding in the aggre- 
gate two millions and five hundred thousand dollars (92,600,- 
000), as provided for in the said agreement made the ibarth daj 
of February, 1882. 

Second. That all the covenants and agreements of any and 
all of the parties hereto contained in the said agreement made 
the fourth day of February, 1882, in respect to the bonds to be 
made by the said Pine Creek Company, and all the provisions 
of the said agreement in any way relating to or connected with 
such bonds shall be held to apply to the said amount of three 
millions and five hundred thousand dollars ($3,600,000), herein 
provided for with the same force and effect as if the said amount 
of three millions and five hundred thousand dollars ($3,600,000), 
had been provided for in the said agreement made the fourth 
day of February, 1882. 

In WiTNBas Whbbbof, The 
several parties have here- 
unto affixed their several 
corporate seals, duly at- 
testcii, the day and year 
first above written. 

C. VANDERBILT, 

let. Vtce-Pred. 



Seal of 

N. Y. Central & 

Hudson River 

B. R. ('<!. 



Seal 
Philadelphia and 

Reading 
Uailruad Compauy. 



E. D. Worcester, 

Secy. 

GEORGE deB. KEIM, 

Preai, p. L 

Attest: 

A. Foster, 

Secy. 



165 



Seal 

Corning, 

Oowmn«que and 

Antrim 

RaUway Co. 



GEO. J. MAGEE, 



Fred. 



Daniel Beach, 



Seoy. 



Seal 
Jeney Shore, Pine 

Creek and 
Buthlo Bailway Co. 



HENRY SHERWOOD, 



Prest. 



Wm. Howell, Jr., 

Seoy. 



W. H. VANDERBILT. 



KEPORT 



PRESIDENT AND MANAGERS 



lit ||liila(lfl|!liiii $: l^fiiiiing ||iiiIroii(I |[,o. 



C|jt '|,)^ilaiitl|)bi!i & ^tiiiiing (|o!il ^ Irm €ii. 



,"!'ttrf:nni f>ri.\' 



REPORT 



OP THE 



PRESIDENT AND MANAGERS 



OF 



'^t ^mkW ^ h^m ^rnlmi |.. 



AND 



^i^ ^^ilabelp^m ^ ^leabing (|oaI t!^ |ron Co. 



TO THK 



STOCKHOLDERS, 



JANUARY lAtlci, 1884, 



Fon THE 



r£AB JBJVniJVG Jf or EMBER 30th, 1883. 



\ 



PHILADELPHIA : 
Allen, Lane 6s. Scott's Pkinting IIouhe, 

229-231 South Fifth Street. 
1884. 



INDEX. 



*♦* 



THE PHILADELPHIA AND READING RAILROAD COMPANY. 

PAOS 

Agreement with the Lehigh Coal and Navigation Company and the Central 

Railroad Company of New Jersey, 139 

Appendix, 41 

Balance-sheet, 56 

Coal tonnage — Points of supply — Statement E, 81 

Description of Tonnage— Statement F, 82 

Detailflof funded liabilities and stock, 58 

Engines, cars, and other equipment — Statement D, 76 

Expenses Transportation Department — Statement B, 74 

Lease and contract with Central Reread Company of New Jersey, 109 

Materials on hand, 59 

Miles Run by Engines, Ac. — Statement C, 75 

Officers elected at annual meeting, 3^ 

Presidents report, b 

Business for year, 6 

Car Trust, 14 

Circular issued in reference to cash payments of interest and conversion 

of existing indebtedness, 14 

Coal and Iron Company — Tonnage and cost of mining, 8 

Collateral Trust Loan, 17 

Lease of Central Railroad of New Jersey, 11 

" Shamokin, Sunbury and Lewisburg Railroad, 9 

" Schuylkill and Lehigh Railroad, 11 

Obligations and guarantees funded under circulars of January 5th and 

June 27th, 1883, 15 

Operations of leased lines, steam-colliers, and express 7 

Present floating debt, 16 

Proceedings of annual meeting, 21 

" adjourned meeting, 39 

Receipts, passengers, and tonnage — Monthly tabular statement, 62 

" expenses, tonnage, Ac— 1850 to 1883, 60 

Renewal ftind, 55 

Report of General Manager — Transportation, Roadway, Canals, and Steam- 
colliers, 63 

Report of Chief Engineer—Engineering Department, 86 



ioad-Meutor— RouIwk; DepartnieDt, 8S 

Todd age and pssseugers — SMtement A, 73 

TranaportatiOD nnd iacome, , 4t 

BiuiiieM of the Richmond aoal-barge!i, SO 

" " Schujlkill Csnal and Transportation Line U 

" " SuBquehanna Caaal, . 411 



m-coUiej 



InMrart on bonded debt . Gl 

Net eaminga of Railroad *' 

Rental! of Leased Roods sjid Canals, nil 

Total txpensea, ' « 

THE PHILADELPHIA ANH READING COAL AND IRON COMPANY, 

AraideDta at collieries— Slolement E, . . . M.1 

BalsDoe-sh<>et _ . . B! 

Beueficifll fund— Swtement F IIH 

Coal— Costperlon— SlatementC, -. . . . . lOt 

General income account, fw 

I Iron ore — Cost per Ion at shipping point — Statetatnt D, . . . , . . . . . [o:: 

Rails used in P. & R, traokfl, V>T 

Reading Rolling- Mill, 106 

Report of General Manager, 94 

" " Saperintendent of Rolling-Mill, 105 

Tonnage from collieries operated by the Company — Statement A, 97 

Tannage from leaiied collieries— Statement B, 9i 



TO THE 



STOCKHOLDERS 



OF 



THE PHILADELPHIA & READING 



RAILROAD COMPANY. 



The Board of Managers submit the following condensed 
statement of the result of the operations of the year ending 
November 30th, 1883, showing a surplus over and above all 
fixed charges of $2,157,233.06, which is equal to seven per 
cent, upon the preferred stock, six per cent, upon the com- 
mon stock, and a balance of $57,634.54, applicable to interest 
upon the deferred income bonds. 

(5) 



If 



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For the purpose of comparison of the results of the past 
with those of the previous year, the Managers append the 
following table, showing the results of the operations of the 
Central Railroad of New Jersey for the sis months of the 
past year, which are included in the above statement for 
1883 :— 

June III w Norcmber SOtli. 

Groas earuinga, $6,791,170 99 

Working expensee '. 3,260,509 81 

Net ©aniings, 13,530,661 18 

Rental 2,887,178 61 

Profit, f633,482 57 






For three months of the year the operations of the Com- 

.ny were conducted under the receivership, which was ter- 
minated on the twenty-eighth day of February, 1883. 

The balance-sheets of the Railroad Company and the 
Coal and Iron Company, with the customary tabular state- 
ments and reports of the heads of departments of both 
companies, will be found in the appendix annexed to this 
report. 

The operations of the leased lines of railway have been 
generally satisfactory, and the following table shows the in- 
creased earnings over those of the previous year of the lines 
named: — 

CaUwisaa R. R $2.irit 71 

Philadelphia, Germaotown and Norristown B. R 73,073 83 

North Pennsylvania R. R 117,641 62 

Delaware and Bound Brook R, R,, 31.816 11 

The Express Department shows a profit for the year of 
1173,175,26, against $138,114.77 for the previous year. 

The steam-colliers show a profit of $179,845.39, against 
$271,547.82 for the previous year; the difference being partly 
accounted for by the loss of service of the steamer Potts- 
ville, which, on January 9tli, 1883, was driven aground on 
the New Jersey coast near Lavallette, where she remained 
until October 20th, when she was safely floated off, and, 
after undergoing repairs, was, on the fifteenth day of N©- 
vember last, again placed in the trade. 



The comparative traffic returns of the Railroad Compauy 
are shown in the following tahle ; the traf&c of the Central 
Railroad of New Jersey for six months from June 1st being 
included in the year 1883 : — 



KuDiber of psaaengere carried, ■ 
Number of tonsof coal, 2240 lbs., 
Number of tons of merchaodise, 

2000 Iba 

Number of tons of Company's 
merchandise materials, 2O0O 

lbs 

Total tonnage of Company (2000 
lbs.), including weight of pas- 
sengers &nd (ktmpuijr'B mate- 



5,144,044 
711,038 



5,»65,818! fl,404,709 



1718,054,351 



7,159,682 

1^7,108 

22,938,311 



For purposes of comparison, the following table, showing 
traffic returns for the six months ending November 3Uth, 
18S3, of the Central Railroad of New Jersey under the lease, 
is annexed: — 

Coal tonnagio, 2fiS7,VI7 

Merclmndise tonnage 1,574,466 

Passengers carried, 5,393,335 

The total coal tonnage of the estates of the Coal and Iron 
Company, as compared with that of the previous year, is 
shown in the following table : — 



Ykul 


Mined by ihe 
CompiiiT. 


MlD«d bjr 


TaUI. 


1883, 


4,682.667.06 
4,111.830.05 


1,491,464.10 
1,612,959.04 


6,074,131.16 






Increase, 


470,837.01 


21,4M.i4' 


449,342.07 


' 







The actual cost of mining and delivering coal into rail- 
road cars for the year was $1.49^, as against $1.47^ for the 
year 1882, and $1.49,^ for the year 1881. 

The Jersey Shore, Pine Creek and Buffalo Railway, refer- 
red to in the last annual report, was completed and opened 
for traffic during the summer of last year. 

The Shamokin, Sunbury and Lewisburg Railroad was 
opened for business on July 1st last, and for the first five 



i 



lonttis earned over and above all expenses about one-half 
of the interest upon its first mortgage bonds, — a .gratifying 
result for the opening months. It is not doubted that with 
the increasing western traffic thrown upon the line it will 
soon earn a full interest upon its cost. The line has been 
constructed in a most substantial and durable manner, and, 
though laid as a single line, has double-track bridge ma- 
sonry and culverts throughout. 

Itg entire koH has been 12,480,108 48 

For this the Companv has received the en' 

tire capital Block, . - $1,000,000 00 

First mortgt^ (ire per cent, bonds, .... l.OOti.OOO 00 

2,000,000 00 



Leaving a balance of . 



For this balance second mortgage bonds will be taken. 
The line is being operated under lease to The Philadelphia 
and Reading Railroad Company, which provides for the 
payment of an annual rent equal to the interest upon 
its obligations, and six per cent, upon its stock. Of the 
first mortgage bonds of 81,000,000, the Company has sold 
$808,000, which realized $767,980 in cash. The construc- 
tion of the Jersey Shore, Pine Creek and Buffalo Railroad, 
and of the Shamokin, Sunbury and Lewisburg Railroad, 
has opened communication between the lines of the New 
York Central and Hudson River Railroad Company and 
those of this Company. A very large traffic is expected to 
be developed by these lines : and the future of The Phila- 
delphia and Reading Railroad Company cannot but be 
greatly benefited and improved by a close and friendly al- 
liance with such an important company as the New York 
Central and Hudson River Railroad Company. 

The South Pennsylvania Railroad Company, connecting 
Harrisburg and Pittsburg, and referred to in the last an- 
nual report, has completed its organization, located and 
revised its line, and made very satisfactory financial ar- 
rangements for the money required for construction. The 
tunnels and the masonry for the bridge over the Susque- 
hanna Rivor are under contract; some seventy miles, em- 
bracing the heavy work, are to be placed under contract 



10 

\ during the pieaent winter, and the remainder will be con- 
trac;ted for in the coming spring. It is expected that the 
entire line will be in operation within two years. 
I AnoUier very important railroad connection has been pro- 
I vided for since the date of the last annual report. The 
I Beech Creek, Clearfield and South-western Railroad Com- 
l;paiiy has located and is rapidly constructing a line of rail- 
I way from a point near Jersey Shore, upon the Jersey Shore, 
1 Pine Creek and Buffalo Railroad, to the Clearfield bitumi- 
' nous coal region of Pennsylvania. Large bodies of valu- 
I able bituminous coal lands have been secured in the interests 
I of this line, and a very large traffic is expected from the 
coal operators of the Clearfieid region, which already pro- 
i duces an annual output of tiiree million tons. The new 
I line is expected to be opened for business during the coming 
I spring, anditsentire tonnage to Philadeiphiaand New York 
I and all points south and east will be thrown upon the lines 
L of The Philadelphia and Reading Railrfiad Company, under 
F a contract for nine hundred years, which provides for a pro- 
rate of joint clitirges between the several connecting lines. 
The Baltimore and Ohio Railroad Company has located, 
and is constructing, in the name of an auxiliary company, 
an important line of railway from Baltimore to Philadel- 
phia, which, when completed, it is expected will connect 
with the lines of The Philadelphia and Reading Railroad 
Company, and throw over the latter to New York a very 
large traffic from Baltimore, Washington, the South and 
South-west. To form a connection between the railway 
systems of the Company on the north and those on the 
south of the city of Philadelphia, two tines of railway have 
been located, known as the Schuylkill River East Side 
Railroad Company and the Schuylkill River West Side 
Railroad Company, all the stock of each of which com- 
panies is held by The Philadelphia and Reading Railroad 
Company. When constructed, these lines will serve to con- 
nect all the lines of the Company running north, east, and 
west with those running south from Philadelphia, and 
afford access to the large traffic expected from the lines of 
the Baltimore and Ohio Railroad Company and its many 
connections. 



11 

h During the year the Compaay has acquired coiitroi, by a 
lease for nine hundred and ninety-nine years, of all the rail- 
roads and property of the Central Railroad Company of New 
Jersey, at a rental equal to its lixed charges and six per cent- 
upon the capital stock of the lessor Company, the latter 
beginning to run three months aft«r the commencement 
of the lease, thus reducing the rental on the stock for the 
first year to four and one-half per cent. Annexed to this 
report will be found copies of the lease, and of a supple- 
mental agreement made between this Company and the 
Lehigh Coal and Navigation Company, whose line of rail- 
road was leased to the Central Railroad Company of New 
Jersey. The operations of this leased line for the first six 
months have resulted in a net profit to the Company over 
and above the rental of l$633,482.67 ; but this cannot be 
taken as a, fair estimate of the immediate future: first, 
because the Company operated the line for the first three 
months without paying any rental upon the shares; and, 
second, because the six mouths ending November 30th are 
tlie most profitable of the year, and the succeeding winter 
months cannot be expected to show earnings sufiicient to 
pay the monthly rental. No doubt is entertained, however, 
of the ability of the Company to earn upon the leased line 
in each year amply sufficient to pay the rental; and the 
possession of the property, affording an outlet with abun- 
dant terminals at New York harbor, and the consequent con- 
trol of its large coal trafiic, is of vast importance to the 
future of the Company, At the instigation of parties acting 
in the interest of the Pennsylvania Railroad Company, Mr, 
William B. Dinsmore, President of the Adams Express Com- 
pany, who is a stockholder of the Central Railroad Company 
of New Jersey, and, as such, voted in favor of the lease, has 
been induced to file a bill in equity to set the lease aside. 
No danger whatever is apprehended from this attempt, as 
the legal right to make the lease is undoubted. 

On the eleventh day of April last the Company leased 
for a term. of nine hundred and ninety-nine years, from 
May 1st last, the railroad of the Schuylkill and Lehigh 
Railroad Company, at a rental of four and a half per cent, 
upon its first mortgage bonds, and six per cent, upon its 
uapital stock. All of the capital stock belongs to Thu PhiU* 



L 



12 

delphia and Reading Railroad Company. Upon the first 
mortgage bondholders consenting to reduce the interest on 
their bonds to four and a half per cent., the lease was made ; 
The Philadelphia and Reading Railroad Company agreeing 
to accept second mortgage bonds for $400,000 of the first 
mortgage bonds previously held by them, so as to reduco 
the amount of the first mortgage to $600,000. The line of 
railroad extends from High's farm, below Reading, through 
the latter city to a point of connection with the Lehigh 
Valley Railroad near Slatington, Pennsylvania, a distance 
of forty-four miles. 

During the year the constructing shops of the Company 
at Reading, including the locomotive and car shops and 
foundry, have been transferred to and placed under the 
mitnagement of the Coal and Iron Company. 

The large increase of indebtedness by the Coal and Iron 
Company to the Railroad Company, as shown by the balance- 
sheets, is due — 

First. — To the conversion and funding of the bonded in- 
debtedness of the former into the first and second series 
five per cent, consolidated mortgage bonds of the latter. 

Second. — To the charge against the former of the value 
of materials and supplies connected with the shops, and 
transferred by the tatter. 

'Piird. — To the amount expended by the former for the 
purchase of coal lands and collieries, the payments of valu- 
ations of colliery property to tenants upon the termination 
of their leases, and to the construction of locomotives and 
rolling stock. 

Fourth. — To the amount of Receivers' certificates and 
floating debt of the former Company paid off by the latter. 

The Managers are glad to announce that the rapidly-in- 
creasing demand for anthracite coal in the United States is 
such that at no very distant day the annual consumption 
may be expected to equal the present productive capacity 
of all the collieries now opened ; and when such period is 
reached, and the Company relieved from the burden attend- 
ing the suspensions of mining during stated periods of the 
year, the profits to the shareholders must be very large. 
The following tabular statement, showing the net results of 



13 

i operations of each month duriug the year, as affected 
by the suspensions of mining, will enable the shareholdera 
to form some estimate of the results of the future when the 
necessity for restrictions of production of anthracite coal 
shall have passed away. 



[ 



■aliont of both Compaiiieg for the year aaaffeeUd by and retuUing 
from mispention of mining. 



Mined i7!S I Can.. 



Slack or d{i 






. M1,0»' 7l»,S6S, f»«,78l, IBdO.MJ, »1T,1«| ,(, 

Hn.gns, iM,i)7t fth 



March ..i , . 

Apdl , « 133,l«) 

i&r ■ I* 319.21" 



.1 BM>lT u".'' -■■ 
, 513,183: i.aw,-;! 



LrndvbittM 



:™P.£r.>\ .. 



•MurlronapBrn 
dl>ld<md> rMeired fn 
of %h» T*"- 



.isibouldbodlitrihuted 



««,'M3,»M.1M 

I dlitrihuted over pr»ioiii rnoDtha, bolnc talonu nod 
onned b; th« Comjwujr *D() cndllM Id lliB lul month 



An arrangement has already been entered into by all the 
anthracite companies for a suspension of mining during 
thirty-nine days in tbe months of January, February, and 
March. As the winter is the proper time to suspend work, 
and as the thirty-nine days of idleness already provided for, 
in addition to the nine days of idleness iu December, 1883, 
should be sufficient to avoid surplus production prior to 
the end of the present fiscal year, the prospect of a very re- 
munerative business for eight months' full work during the 
coming, as against but four months of full work during the 
past, year, is a very fair one. The profits for December, Jan- 
uary, February, and March of the present fiscal year, duo to 



I 



14 

the greater length of suspensions, should be leas than those 
of the same months of last year, but any loss so incurred 
should be much more than made up by the increased earn- 
ings of April, May, June, and July. 

The (!ar trust of J2,000,000, bearing interest at six per 
cent., referred to in the last annual report, was created, tlie 
certificates sold for 98* per cent, cash, and the proceeds ap- 
plied to the payment of the Receivers' certificates of both 
companies. 

The following circular, which sufficiently explains itself, 
was issued by the Managers on the twenty-seventh day of 
Juno last: — 

"TbB Putl^DKU-aiA AND KSADINa RjUiaOAH COUPANT, 

■' OsKsiui. Office, 227 Somi Fourth Sthbct, 

" Pflu-A DELPHI A, June 27th. 1383. 

"The Philadelphia and Heading Railroad Company nnd The Philadet- 
phm and Reading Coal and Iron Company will reeitme vaub paymeDU, 
at maturity, of coupons and interest u|<on all direct obligations or t'uar- 
anteea of both yomimiiies maturing on nnd after July Ist, 1863. 

"HoldeTB of deferred coupon dollar scrip will be entitled, on and kfter 
July 2d, 1&83, to receive cash for all back interest to July lat, 1883, in- 
clusive, and the principal of the scrip will be stamped 'Interttt paid lo 
JvXy lit, 18SS, and payment of principal extended, at mx per cent. inteTaL,to 
July Itt, 1884: 

" Holders of coupons matured prior to July 1st, 1883, upon any direct 
obligations of, or bonds guaranteed by, either Company, will be entitled 
to convert the same iaio JitU teriet fit^e per emi.coTiiolidated mortgage boa^ 
of The Philadelphia and Beading Railroad Company at par. 
" By order of the Board of Managers. 



The following table shows the extent to which outstanding 
obligations of the Company have been funded into new 
securities, under the above circular and that of January 5tb, 
1883, and referred to in the last report: — 



^^^^^^^■^ 15 ^^^^1 






^PH 


S S S g g 8 S ^^* 




^^^^H 




B 1 a 

5 § 


1 1 s 1 1 § s 


1 




1 




1 S" =■ » != 1" •-" 


1 




1. 

1 
1 


1 

e 
1 


1 

s 
■s 


s « II e a I 

S S 1 3 > f .5 
»: »: E S « 1 1 




2 
8 

1 
1 


. 3 


1 


1 1 




^ 


*« 


1 




1 = ■ ■ = = 1 




1 


■5 I 






_IU o 




e 


1 "^ 




tSSaS8SS2S 


o 


.9 


1'' 


1 !i 


1 li i 1 iS is S 1 1 


1 


1 


i "^ 

6 E 


1 

i 
i 
8 


i 


f = 1 = ^ ^ - " "" « 




i 


j 


alfllllSSa i 


« 1 

ajiS 

r-i 
1 s 

1 


III 






s 

1 


a ■' 






S a 


1" 


"s 






8 8 3 S S S S 




1 


§ g i 1 S 8 1 


s 


1 


1'^ 

•J 


i 


1 

T 


i s s ff s -■ -■ 

1 ■. M 1 ! 


i_ 


a 
i 

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1 

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m. .'' 




11 



l(i 

111 addition to the old obligations so funded into tLe new, 
the Managers have bought for the Comjiany the following 
overdue obligations, viz. : — 

Deferred toupon dollar scrip, &c., f824,03G 

General mortgage and Perkionien sterling scrip, 662,050 

Ini^otne morlgage bonds 240,000 

Total ?l,7ia,085 

In addition to the earnings of the Company, all the 
money required for the purchase of the above securities, 
for the completion of the Shamokin, Sunbury and Lewis- 
burg Railroad, $1,751,000, for the purcliase of additional 
coal lauds and collieries, and for the construction of en- 
gines and cars by the Coal and Ii-on Company, about 
Jl,200,000, for payment on account of purchase of Central 
Railroad Company of New Jersey stock, hereafter referred 
to, say $510,000, and for other capital accounts, has been 
supplied by increasing the floating debt of the Company ; 
1 the Managers believing that so long as money could readily 
be obtained at not over six per cent, with the abundant 
collaterals they had at their disposal, it was better to make 
temporary loans at six per cent, interest, than to sell at the 
then market prices the balance of the Convertible Adjust- 
ment scrip, or the unissued Income mortgage bonds, or any 
other funded obligations, the sale of which would involve 
the payment of a higher rate of interest for any great 
length of time. The entire floating debt of the Railroad 
Company is, as of January 10th, $6,754,291 ; in addition to 
this, there is due by the Company $3,460,311, balance of the 
purchase of fifty thousand shares of the Central Railroad 
Company of New Jersey, bought at an average price of 
seventy-eight dollars and four cents per share. As the 
stock of the Central Railroad Company of New Jersey is 
now a guaranteed six per cent, stock, and represents to that 
extent an obligation of the Company, the purchase of fifty 
thousand shares at this price was considered highly advan- 
tageous. 

The floating debt of the Coal and Iron Company, being 
much less than the value of the coal and quick cash asaets 
on hand applicable to its payment, requires no attention. 



17 

f the issue of Income mortgage bonds which by the 
tna of the mortgage must be redeemed out of the earn- 
i of the Company before any dividend can be made, 
1 are still outstanding 82,141,000. The difference be- 
reen this sum and the amount of $2,454,000, as shown in 
■ balance-sheet ($313,000), represents the amount already 
(Ughtby the Company. The Managers deem it advisable 
iat the floating debt of the Railroad Company, the balance 
B upon the purchase of the 50,000 shares of the Central 
Kailroad Company of New Jersey, and the outstanding In- 
come bonds, should be paid as soon as possible ; and to pro- 
vide the means of doing so, they recommend the creation 
" I Collateral Trust loan of $12,000,000, in fifty-year cou- 
JDn or registered bonds, bearing interest at five per cent, 
annum, and secured by the deposit of the securities 
pned in the following table, wherein is shown the par 
pd market or estimated value of the same, and the annual 
■renue now being earned upon them. 




BTOCKB. ! 

Omtnl R. B.Co.afNcw Jcrw; | 

Ewt Pemuylvsnia R.B. Co 

SbwnokiD, Sunb'T & Lewiib'g K. U. Co. 
Mine Hill 4 SchuylkiU Havcu U. R. Cn. 

Eut M«liiii.oy R. R. Co 

.IiincUon R. ft. Co 

MiIICp'k*MuieHillXnv.iiii(lK,K,r..-; 
M»uut Cubon & Port Carbon R. R. Co. 
8chu<Flkill Vallev Navignt'u il: R. R. Co. 
Ti<lvfriit«r Pipe Co,, spH^ial C(!rtj(icalea..j. 

of vuliug stock || 

BONDB. P 

P. ± R. B. R. Co. laoamc moctngc •' 

Preston Ccjdl and Iinp'l Co. firnt niortg't' ' 

R«iiJiu)[ and Colambia R. R. Co 

Treroont Coal Co. mortmge 

Ccnlrel R.K.C.).of N. J.oonveft,ilBl.V,i' 
t«bun..SuDb.4 Lew. It. B. Co,, fint m'g<v 



Tidewater Pipe Co., uortsagc ' 

Mun. Vein Coal and Iron Co., am m'gp-- 

tfociut Dftiv Coal Co., first mortgage 

Pigrkiiiniui B. B. Co., flnit morlwe ^ 

Phllaii'a, Reading and PottsrlllcT«l.Co^|| 



M,4C0,000II I 
l.Io9,077' I 
»00,000', I 



8fl,2(Kl 150 

48,175' 1«0 I 

se,eo'i| leo , 

«3,300 70 

S7S,000|| I7S 

2SS,S(»II I7fi 

5,000,0001 «l 

i,uDo,ooo' no 

1,000,0001 MS 



*89,000 
297.0001 
223,000: 






Tottl "118,013,475 



852.7601 
411,125! 



350.000 
76.300 

(n,ooo 

54,000 

»A,oon 



> 6U,000l! 6 



id Bltb r«ln« or (iDklng 



M and a( abUcMlon M VM wt\ at tkn^Ov. 



Aa the value of these securitieB is over fifty per cent, above 
the principal, and the annual income earned by them mucli 
more than double the annual interest upon the bonds to be 
secured by their deposit, it is believed that the proiMwed 
loan can be readily sold at a fair price. By the purchase of 
the fifty thousand shares of Central Railroad Company of 
New Jersey stock, and by the Issue of the proposed loan, the 
fixed charges of the Company will be reduced 'as shown be- 
low, a^uming the loan to be sold at par. 

There will be saved : — 
Interest at 6} per cent, upon, say, t6,400,<KK) floating debt, . »41(i/X)0 00 
Interest at 7 percent. tii>onf2,141, 000 Income bonds, . ■ . 149,870 00 
Bevcniie receivei) from 50,000 shares Central Railroad Co- of 

New Jersey, ■ . 300,000 00 



1865^70 00 
Deduct intereston proposed loan 5 per cent, on {12,000,000, . 800,000 00 



Balance sliowing reduction of fljted ehai^ea to the Coin- 
puny equal to /o^'t per cent, on capital stock, . - . , $365,870 00 

Interest at six and one-half per cent, upon the floating 
debt is believed to be a fair estimate, considering the rate of 
bank discount and brokers' commissions which necessarily 
must be paid upon a portion of the debt. 

In addition to the proceeds of the proposed loan, the Com- 
pany has on hand nearly $3,000,000 in value at the Issue- 
price of the unsold Deferred Income bonds. As something 
has been earned towards the interest upon these bonds 
during the past year, and as any increased earnings in the 
future must cause a rapid appreciation in their market 
value, there should be little difficulty at the proper time in 
realizing, as it may be required by the future wants of the 
Company, an amount equal to the original issue-price of 
thirty per cent, upon the whole of the unissued Deferred In- 
come bonds, provided it may not be considered either safer 
to hold them for a. much higher price or to avoid their issue 
altogether. 

The question of present and future dividends upon the 
stock of the Company will doubtless be of interest to the 
stockholders. For the last three years a dividend of seven 
per cent, upon the Preferred stock has been earned ; and as 



19 

ividend when earned is of the nature of a debt, and 
cumulative, the Managers see no reason why the arrears 
should not be paid. With reference to dividends upon 
the Common stock, the ease is different. The income ac- 
cotmt of the Company, after crediting the net earnings of 
the year 1883, will only be in credit to the amount of 
1610,190.38, due to the fact that the losses for the years pre- 
ceding 1881 are still charged to that account, which now 
stands thus : — 



Profit* of 1881, $183,256 14 

I" " 1882, 882,941 59 
" " 1B83, 2,157,233 06 
»3,223.430 78 
D„,T. 
Bes prior to 1881 2,613,240 41 
Credit balance 5010,190 38 
The debit of $2,613,240.41, repre,*enting the losses of 
ars prior to 1881, could, if the shareholders so ordered, be 
arged to capital, against the very much larger amounts 
of income that from time to time in previous years have 
been expended for capital accounts, without any charge 
whatever to the latter. If this is done, there remain but 
two obstacles to a dividend upon the Common stock: first, 
the necessity of paying the outstanding Income bonds with 
the net earnings ; and, second, the existence of the Boating 
debt, which, so long as it exists, would seem to require the 
adoption of the conservative poUcy of husbanding all the 
r^isources of the Company. As both of these difficulties 
would be surmounted by the sale of the proposed new 
Collateral Trust Loan, and as its effect will be to reduce 
the fixed charges of the Company, without increasing the 
amount of its obligations, the Managers submit to the share- 
holders the decision of the question, whether a dividend 
^^^^11 or shall not be declared in case the proposed loan is 
^^^Bd and tlie proceeds realized by the Company. 
^^PAs Mr. Eckley B. Coxe, oue of the late Managers, was a large 
shipper of coal upou the lines of the Central Railroad Com- 
pany of New Jersey, he felt constrained after the lease of 
the latter road to resign his position, in order that he might 



20 

not be involved in the dubious position of being intereatetf, 
as a transporter, in the rate of tolls and charges upon coal 
to be determined by himself as a Manager. While fully 
recognizing the propriety of his course, the Board cannot 
but feel regret at the loss of his valuable services. The 
vacancy caused by his resignation has been filled by the 
election by the Board of Mr. Loring A. Robertson, one of 
the largest shareholders of the Company. 

The Board have further to regret that the increasing age 
of Mr. Samuel Bradford, who for forty-six years has occupied 
the position of Treasurer of the Company with great fidelity 
and the most unswerving integrity, has compelled him to 
decline being a candidate for re-election, and they recom- 
mend as bis successor Mr. William A. Church, who for many 
years has held the position of Assistant Treasurer. 

The shareholders have been made aware by the circular 
of Mr. Franklin B. Gowen, the President of the Company, 
of the determination of the latter to decline a re-election, 
and, as Mr. Gowen's decision upon this subject is known W 
be irrevocable, the Managers desire to unite most cordially 
in his recommendation of Mr. George de B. Keim, the Vice- 
President of the Company, as the proper person to succeed 
him in the office of President. 

The Managers have to congratulate the stockholders upon 
the improved condition and prospects of their property, and 
they desire to take this opportunity of extending their 
thanks to all of the officers and subordinate employees now 
in its service, whose zeal, efficiency, fidelity, and discipline 
have so greatly contributed to the gratifying result that has 
at last been accomplished, notwithstanding all the vicissi- 
tudes through which the Company has passed during the 
last four eventful years. 

By order of the Board of Managers. 

FRANKLIN B. GOWEN, 

Prendent, 



PROCEEDINGS 



ANNUAL MEETING 



STOCKHOLDERS 



[HE PHILADELPHIA & READING 



RAILROAD COMPANY. 



JHE 

^^^BlasociATioN Hall, Sodth-bist Corker ISth and Chestnut Stkebth, 
^^^^ Priladrli'bia, Mohsav, Jannarj I4tli, 1884, 12 H. 

The meeting was called to order by William L. Mactier, 
and on motion Mr. E. S. Whelen took the chair. 

Mr. Albert Foster was, on motion, appointed secretary of 
the meeting, and here read the published notice calling the 
meeting. 

The minutes of the last stockholders' annual meeting vere 
read and approved. 

Mr. Lockwood then stated that he desired to offer a reso- 
lution, that the minutes of this meeting be taken down by 
a stenographer and afterwards printed. 

The chairman stated that the presentation of the annual 
report was first in order. 

The annual report of the Board of Managers was then 
read by Mr. Franklin B. Gowen, President. 

Mr. Antelo then offered the following resolutions, which 
were unanimously adopted : — 

1. Resolved, That the report of the Managers for the year 
ending November 30th, 1883, just read, be accepted and 
adopted, and that it, together with itfi accompanying ex- 
hibits and documents, be printed in pamphlet form for 
distribution to the shareholders. 



1 



22 

2. Reaolved, That the various actions, contracts, j 
ments, and engagements entered into and reconiinouded by 
the Board of Managers, referred to in the report just read, 
including the contract with The Beech Creek, Clearfield and 
South-western Railroad Company; the lease of the Central 
Railroad of New Jersey ; the agreement with the Lehigh Coal 
and Navigation Company ; the lease of the Schuylkill and 
Lehigh Railroad ; the lease of the Shamokin, Sunbury and 
Lewiabnrg Railroad; the location and proposed construction 
of the Schuylkill River East Side and the Schuylkill River 
West Side Railroads ; and the creation of a Collateral Trust 
Loan of $12,000,000, for the purpose of paying the floating 
debt, and the balance due upon the purchase of Central 
Railroad Company of New Jersey stock, and the retirement 
of the outstanding Incomo Mortgage Bonds of the Company, 
be ratified and approved. 

3. Resolved, That the thanks of the shareholders are here- 
by tendered to the President and Board of Managers, for 
their conduct of the affairs of the Company during the past 



Mr. Franklin B. Gowen said : — Mr. Chairman, I desire 
now to present a resolution upon the question of the payment 
of dividends on the stock of the Company, and to aak that the 
vote upon this resolution be taken to-day two weeks at the 
office of the Company, for reasons which I will explain. 
The resolution is as follows : — 

" Resolved, That it is the opinion of the shareholders that, 
upon the successful issue of the Collateral Trust Loan, re- 
ferred to in the report of the Managers just read, and the 
realization of the proceeds thereof by the Managers for the 
purpose of retiring the outstanding Income Mortgage Bonds, 
and paying the floating debt of the Company, and paying 
the balance of the purchase-money due upon 50,000 shares 
of Central Railroad Company of New Jersey stock, a divi- 
dend of twenty-one per cent., representing the arrears due, 
be made in cash upon the Preferred Stock of the Company, 
and a dividend of three per cent, in cash be made upon 
the Common Stock of the Company." 



23 

Hr. Fhakklin E. Gowen (continuing). — I have received 
proxies for thia meeting of about three hundred and 
eighty-five thousand shares of stock, and a very large pro- 
portion have come to me either with a direct request to 
vote for a dividend, or have been sent to me under the 
terms of my recent circular, from which I infer that it 
is my duty to vote upon them, as I shall, for a divi- 
dend unless instructed to the contrary. I hold a great 
many very large pi-oxics of shareholders with directions to 
vote against a dividend, and I hold other large proxies with 
directious that I shall do whatever I think best for the inter- 
est of the Company. 

There are two positions involved in this question, which 
any business man will understand, and one is, that the 
Company should not begin to pay dividends until all its 
pressing obligations are provided for; the other is, that 
the rei)ort of the Managers sugge.4ts a means for paying 
all of such debts, and as I understand the value of the 
securities to be offered, a means which will enable the Com- 
pany to get the money quite as readily as they could borrow 
a five-dollar bill upon giving a ten-dollar bill as collateral 
security for its repayment. I am anxious, therefore, that 
whatever action should be taken upon this subject of the 
resumption of dividends should be taken after the share- 
holders have Iiad a full opportunity of considering the sug- 
gestions made In this report. I intend to have the report 
printed to-night, and to send it out to-morrow to the share- 
holders, witliout waiting for the pamphlet copy, which will 
be furnished three or four weeks later. Having pre- 
sented that resolution, to be laid by for future action on the 
iiSth (to-day two weeks), I shall offer the following resolu- 
tion, and ask that it be acted upon now : — 

[JUeotved, That for tlie purpose of enabling the share- 
lers to read and examine the report of the Managers 
ifore voting upon the question of the payment of a divi- 
dend, when this meeting adjourns after the election, it shall 
adjourn until Monday, the twenty-eiglith day of January, 
to meet at the General Office of the Company, No. 227 South 
Fourth Street, at 12 o'clock, M., for tlie purpose of taking 



d 



a stock vote upon a resolutioii recommending the payment 
of dividends upon tlie stock of the Company." 

I think the delay of two weeks will enable every share- 
holder, ill this country at least, to well consider the Qnancial 
recommendations which have been made by the Board nf 
Managers, so that all can vote intelligently. 

In the absence of any further instruction which may be 
received by me from those whose proxies I now have, I 
Bhall, of course, consider it my duty to vot« all proxies sent 
to me which are not accompanied by other instructions in 
favor of paying the dividends, assuming that the Collateral 
Trust Loan is sold and the proceeds realized by the Com- 
pany. 

The above resolution was unanimously adopted. 

The chairman stated that the Board of Managers had aji- 
pointed William L. Mactier and John Walker, Jr., as judges 
of the election for officers to be hold this day ; Uiat those 
gentlemen had been duly qualified according to law, and 

that they were ready to procet-d with their duties. 

Mr. W. W, Harkness said: — I am requested to present to 
this meeting the following memorials, which were numer- 
ously signed by representative men of this city and various 
places in the State of Pennsylvania, and by citizens of New 
York, and other parts of the country, who were largely in- 
terested in the stock and bonds of The Philadelphia and 
Reading Railroad Company, with the view of offering them 
to Franklin B. Gowen, Esq., President, at an adjourned 
meeting of the Company, — which, it was suggested at the 
close of the last annual meeting, might be called during 
the year, — and of their being there unanimously endorsed 
by the stockholders then present, with the hope that Mr. 
Gowen might be induced to remain as President of the proff- 
erties he had saved. 

Since then he has, by his circular letter to the stockhold- 
ers of The Philadelphia and Reading Railroad Company, 
under date of November 21st, 1883, stated that he would 
decline a re-election. It is, therefore, proper that this earned, 
independent, and as yet private, effort of the great body of 



25 

loose so largely interested in tlie profierty. to secure, if pos- 

sble, the continuation of Mr. Gowen at his post, be here 

made fully known to him, and be unanimously endorsed 

^^and approved by the stockholders at this annual meeting, 

^^Eud be made a part of their proceedings, and recorded as 

^^B Mr. tiarkness here sent up to the Chair the following 
^^Hiemorials, which were read by the Secretary: — 

^^t ' New YoEK, April, 1883. 

Fraseun B. Gowen. Esq., 

Prnidml nj Tht Philadelphia and Reading Railroad Company. 
Beab Sib: — Throiigli the press, and in various other ways, we regret 
U) learn that it is your intention to resign the Presidency of The Phila- 
delphia and Reading Bailroad and the Philadelphia aiid Residing Coal 
and Iron Companies—practii^Ilj' one corporation — as Boon as you aue- 
ceed in placing it on a thoroughly sound, dividend-paying basis. 

As owners of the stock and bonds of the Company, amounting in the 
aggregate to many millions of dollars, and having purchased most of our 
several interests on the supposition that you were to continue ae tbe 
head of the Company, at least for several years, and as being interested 
in various ways, directly and indirectly, we respectfully and ui^ently 
request, and as far as we can, inaitit, that you do not leave it. 

We think we realise the great magnitude and value of its undeveloped 
resources, and what its future will become when your plans, with the 
co-operation of your friend Mr. Vanderbilt, shall be carried out, amongst 
which are: Connecting by the new Pine Creek Rood with the whole 
northern and western markets, through the New York Central and its 
[lending your line to Pittsburg and Wheeling, making 
it through trunk line from the seaboard cities to the West and 
ith-west; and your many other plans, not tbeleast of whicbisthe re- 
iding of the Company's indebtedness at a lower rate of interest, now 
80 successfully inaugurated. 

We trust we thankfully appreciate your herculean effoHs in our be- 
half, in tbe face of unparalleled difflculties and obstacles, in rescuing our 
property from bankruptcy, against the malignant snd determined efforts 
of its enemies and conspirators to forerlose and wreck it. We plainly 
•ee that the work necessary to be done to make it the greatest and most 
luable corporation on the continent, is but just begun ; that you alone 
that critical, thorough, and comprehensive knowledge of every detail 
Ills complicated and diversitied business and needs, as well as all facts 
laws pertaining to its history, growth, and development, essential to 
and above all, that amid all these years of severest trial 
through which you have passed, your integrity and honor shine conspicu- 
ously, and challenge and command our respect, confidence, and admira- 
tion. We feel laft with you at the helm. 

Again we most earnestly request and urge, that you abandon all 
thoughts of resigning the Presidency for many years to eome. Your 



^^northt 
^Kennei 

^■Kath- 
^^■nindin 



•ee tt 
^^nlua 

^sS 



20 

h&rawing nnct vexatious carea, we are thankful, nre over, and cannot ' 
be repeated ; aad ne feel satiBfled tliat, whilst you («iinot bnt be vigi- 
latit and wiitchful, your position should be, and can be, made ^reenble 

i Wishing you a. long and farther useful career, 
We are very truly youra. 



Wm. M. Hollina. 
S. Sherman. 
L. P. Hard. 
Wiiialow S. Pierce. 
Donald Machay. 
Charles Hazard. 
r.McD. Collins, 
a N. Wayland. 
D, A.Hedgea, M, D. 
Robt. 8. Fer(tuson. 
A. C. Beneditt. 
G. W. Carleti.n. 
8. N. Chittenden. 
Wm. Trotter, Jr. 
Oroesbeck & Schley. 
Tanis B. Quuckenboeh. 
Lawson, Douglas & Co. 
Norbiiry & Co. 
Eflwin Pnraons. 
Danl.B. Alger. 
L. A. Miller. 
Jos. S. Stout. 
Jerry Collins. 
Henry W. Davis. 
William Halladay. 
John L. Melcher. 
Atterbury i Tillingliaat. 
Randolph F. Purdy. 
Albert J. Hatch. 
J. N. Ewell & Co. 
UewBon Kilbreth A Co. 
H. D. Brookman. 
John M. Brookman. 
Wm. & Jno. O'Brien. 
White, Morris & Co. 
John G. Adams. 
W, S. Webb & Co. 
F. P. Freeman & Co. 
Wellington, Happ & Co. 
Eugene ThoniHon. 
Sanil. Barton, 
Wm. Bird. 



It. S. Benedict. 
Cliarles S. Webb. . 

E. D. Trowbridge. 
L. A. Fish. 
Vermilye & Co. 
Adam W. Spies. 
John Connell. 
A. G. Brower. 
Frederic A. Chaae. 

F, E. Trowbridge, 
Isaac L. Kip. 

Hotchkise, Bumhain A C«. 
L. H. Nilea. 
Leopold, Cabn & Co. 
J. St. John. 
Harriott & Noyea. 
Canmiann & Co. 

S. M. Seeiy. 
A. Riippaner, M. D. 
J. B. Salisbury. 
C. H, ChristmHB. 
P. M. Brockett. 
J. J. Jonee. 
John Zimmerman. 
Blout & Co. 
Robert S. Anderaon. 
Lummis & Day. 
Morris, Brown A Co. 
W. S. Nichols & Co. 
Clarkson Bros. 
E.L. Cutting. 
Van Sehaick & Co. 
Siniono & Chew. 
A. J. Winlerton. 
H. L. Johnson. 
Pomeroy Bros. 
Wm. H. Pomeroy. 
J. M. McJinisey. 
W. F. Proctor. 
Chase, Seligaberg & Co. 
Clinton B. Fish. 



Davis & Tileatoii. 

D. P. Morgan - 

Boody, McLellaii & Co. 

Bobert J. Eimbnll. 

G. S. Humphrey. 

A. M. Kidder & Co. 

M. GeruBheim & Co. 

WhiteboUKe & Co. 

(.'olemBD, Benedict & Co. 

John H. Davis & Co. 

Lodenberg, ThHlman & ('o. 

SchftTer Bros. 

Closson & Hayes. 

Chae. N. Yediniina. 

8. N. Cadwell, 

D. P. KumBey. 

Kisaatn, Wbitney & Co, 

D, Groeabeck, 

J. Tillinghast. 



Raven & Co. 
Gideon Pott. 
A. H. DeHaven. 
Gold, Barbour i<i: Sworda. 
LoomiB L. White & Co. 
RyerBon & Noole. 
Henry N. Smith. 
Edw. Mitchell. 
L. Schepp- 
Eamea it Moore. 
Wm, C. Sheldon. 
Spencer, Traak A Co, 
L. A. Robertson. 
F. E. Trowbridge. 
Harvey Kennedy. 
H. B. Hollins &Co. 
J. H.Sterling A Co. 
A. A. Sumner, 
Geo. J. Magee. 



|¥kANI 



Indus 
^^^^ntirf 
^^L We 

that; 

prwe 

1 w>t« 

^^P Vft 



Piiii-AnELPiHA, Mav, 1883. 
J. Gowks, E*}., 

Preiidenl o/ The Pliiladtlphui and Reading Railroad Company. 
DuAR Sir: — We ha,ve read with tnuch SBtia&tition the letter addressed 
'to yon by many of your New York friends and inlluential holders of 
Tbe Philadelphia and Reading Companies" setinritiee, asking that 
ID Tci&Y not resign the trusts committed to your care, and we are very 
to embrace the opportunity presented to us to unite in the appeal 
yon, so well expreHsed by them. 

As citizens of thia great Commonwealth, we beg U> add our gratitude 
kd admiration for your untiring, nnselOsh, brave, honeat, and able de- 
loo, which has preserved The Philadelphia and Reading Railroad 
.pany intact and has fairly started it on a broader career of useful- 
ness, in connection with the great enterprises of yourself and Mr. Van- 
d«rbilt, which are deslined to be of sui-b immense advantage to the 
industrial intereat«, not only of the city of Philadelphia, but of the 
intire fitate of Pennsylvania. 
We consider that we cannot overestimate the vital importance of 
le Philadelphia and Reading Railroad system to all our interests at 
I, and it is eminently proper that we express our gratitude to you 
'fir what you alone could have and have done, and onr earnest hope 
that you will "continue at the helm," believing that your duties of th« 
prMent and ftiture. although nrdtious and of vaat imjiorlance, will be 
not only void of the laborious and distressing cares and anxieties of the 
but can be made, by yonrsetf and your advisers, congenial and nse- 
I joM, as well as to your fellow-citizens. 
We beg that yoti will accept, not only onr eipresaions of gmtitudo, 
best wislie« for your happinessandprosperity, and that yrai will 
(ttvorably consider our appeal by setting at rest all intention 'jf " re- 
signing." 

We are sincerely yours. 




Cbas- M. Taylor, President Phila- 
delphia Grain Elevator Co. 

Henry Carey Baird & Co. 

Grueff, Eothermel & Co. 

David Keeves, President The Phce- 
nix Iron Company. 

J. B. Moorhead. 

R. D. Wood & Co. 

Chae. W. Wharton. 

Edmund A. Soiider & Go. 

Donaldson & Thomtis. 

Geo. W. Johns & Bro., per J. W. 
Stockton, Attorney. 

Ricliard Hetksher & Co. 

FattersoD & Llewellyn. 

Peacock & Thomae. 

Thomas Coal Company, Robert C. 
Thomaa, President. 

Ashland Coal Company, Jos. Old- 
know, Treasurer. 

James Neill, Sun Fire Insurance 
Company. 

Tatnall Paulding. 

J. H.MicheneriCo. 

George Howell. 

H. H. Shillingford. 

Israel H. Johnaon, Jr. &, Co. 

C. & H. Borie. 

Townaend Wheleu & Co. 

Joseph Whartou. 

John Baird, City National Bank. 

John W. Moffly, Mfrs.' Nat. Bank. 

0. U. Bogere, President. 

Peter C. Hollis, National Bank of 
Coi 



James Long. President ot the Un- 
ion Trust Company. 

H. N. Burroughs, President of the 
Commonwealth National Bank. 

Peter A. Keller, 1-5-84, Indepen- 
dence National Bank. 

Dell Noblii. President Cora Ex- 
change NalioniU Bank. 

Geo. H. StiiarL 

S. Chew. 

Geo. A. Heyl. 



Chas. M. Taylor's Sons. 
Charles D, Norton & Co. 
Henry Wlieleo. 
John T. Morris. 
L. T. Salaignac. 
Henry Handy. 

A. Welch. 

George W. Hill, of American Life 

Insurance Company. 
Biirulay & Barclay. 

B. & A. Ilecksher 4 Co. 
S. M. Heaton 4 Co. 
Jno. Milnes. 
Ormrod, Fisher 4 Co> 
William Arrott. 
Frank OtcoU Allen. 
Jas. K. Gates. 

F. A. I>ingee. 

F. D. Bright & Co. 

Lewis L. Houpt, 

A. F. Sabine. 

WillUm W. Allen. 

Alex. W. Witter. 

Burnham, Parry, Williams A Co. 

A. Whitney A Sons. 

Wm. B. Benient & Son. 

Wm. Sellers 4 Co. 

James Moore, B, H. I. W. 

Barker Brothers 4 Co. 

W. H. Stevenson. 

Cbaa. W. Pickering & Co. 

Geo. V. Creseon. 

Stanley G. Flagg & Co. 

Thomas Wood. 

Edwiu Huntington 4 Son. 

Hoopes & Townsend. 

Alan Wood & Co. 

George Griffiths. 

Henry C. Howell. 

James S. Masoti 4 Co. 

W. E. & E. D. Lockwood. 

R. BIftnkentaurg 4 Co. 

Kneed ler, Patterson 4 Co. 

John B. Ellison 4 Sons. 

Joel J.Baily 4 Co. 

Cooper 4 Conard. 

Sharpless 4 Sons. 

Darlington, Kunk & Co. 



29 



B. Chew. 
Wm. C. Ludwig. 
Robert Shoemaker. 
Strawbridge & Clothier. 
Young, Smyth, Field & Co. 
Snodgrass, Murray & Co. 
Homer, Colladay & Co. 
Hood, Bonbright & Co. 
John T. Bailey & Co. 
W. H. Horstmann & Sons. 
Samuel Riddle. 
Edward A. Coates & Co. 
Logan, Emery & Weaver. 
Crew, Levick & Co. 
Malcolm Lloyd. 
Lawrence, Johnson & Co. 

F. M. & H. Brooke. 
Hancock & Co. 
William Brice & Co. 
Workman & Co. 
Beattie & Hay. 

S. J. Comly & Co. 
Edwin H. Fitler & Co. 
Henry C. Kellogg. 
Wm. Gillespie & Son. 
Reeves, Parvin & Co. 
Githens & Rexsamer. 
Johnston, Holloway & Co. 
J. H. Schenck & Son. 
Simons, Bro. & Co. 
Boyd, White & Co. 
Hale and Kilburn Mfg. Co. 
Wm. Ayres & Sons. 

G. W. Blabon & Co. 

W. H. Lewis, for Wm. Penn Coal 

Company. 
Jones, Hoar & Co. 
Fisher, Son & Co. 
Louchheim Bros. 
Michael Hassler & Co. 
Graff, Son & Co. 
Ruth, Bennett & Co. 
Carrow, Bishop & Co. 
Louis A. Scherr & Co. 
Belknap, Johnson & Powell. 
E. Clinton & Co. 
James Spear. 

Rich'd Levick's Son & Co. 
J. W. White, of the S. S. White 

Dental Manufacturing Company. 



Theo. Megargee. 
Randolph & Jenks. 
David S. Brown & Co. 
Wilson & Bradbury. 
David Scull, Jr. & Bro. 

B. D. Benson, Chairman Tidewater 
Pipe Company. 

The Chester Oil Company, Samuel 

Q. Brown, Treasurer. 
Wm. W. Hark n ess. 
Philadelphia Lubric Company. 
Wm. Brockie. 

C. H. Cummings. 

E. Harper Jeffries. 
Workman & Norris. 
L. Westergaard & Co. 
W. F. Hagar & Co. 

S. J. Christian. 

Warner & Merritt. 

Isaac Jeans & Co. 

Thom. Roberts & Co. 

Thompson, Fry & Co. 

H. Kellogg & Sons. 

Jno. C. Baker & Co. 

Turner & Wayne. 

Bullock & Crenshaw. 

Thomas MacKellar. 

H. Muhr & Sons. 

Brown, De Turck & Co. 

J. E. Caldwell & Co. 

Jos. C. Noblit. 

J. Hall Rohrman & Son. 

Harvev & Ford. 

Wm. A. Drown & Co. 

William Massey. 

James M. Hall. 

Chas. B. Edwards. 

Frymier & Edwards. 

H. B. Smith Machine Company. 

Amos Hillborn & Co. 

Thackara, Sons & Co. 

W. J. Buck, Son & Co. 

J. L. Ketterlinus. 

George S. Harris & Sons. 

F. Gutekunst. 
Thomas M. Thompson. 
John F. Orne. 
William Waterall A Co. 
Dan R. Bennett. 

F. A. Comly. 



Robert Crane, of Susq, Iron Co. 

John P. Verree. 

A. M. Collins, Son & Co. 

Alien & Bra. 

Sherman & Co. 

W. H. LewitL 

Tlioa. Thompflon, Sons A Co. 

Wm. H. Lucas. 

John Lu«is A Co. 

Fred. Fraley. 

W. W. Hnrding. 

Chaa. Emory Smith. 

Frank McLaughlin. 

A. K. McOnre, 

School & BUkdy. 

L. H. Taylor ft Co. 

Colliaft Levy. 

Sexton, Elliot & Co. 

Laiighlin A McManus. 

Mwris A Smith. 

Robt. Glendenning & Co. 

Robt R. Corson. 

Samuel G. Kiu^. 

^ohn Hunter. 

J. B. Baker. 

C. B. Wright. 

John McLaughlin. 

Bilne Aldrich, 

Cony ere Button - 

Saml. M. Bines. 

Jno. F. Sheoff. 

Wm, Biddle. 

Jno, W. Biddle, 

J. G. McCollin. 

Jonathan Livezey 

ChBries W, Otto. 

Geo, Sharswood. 

W, H. Drayton, 

Cli. GibboMB. 

Carrol! S. Tyson. 

John Bell ail geo Cox. 

Daniel Dougherty. 

Howard A, Steveneon, 

Saml, G. De Course)'. 

Arthur Beardsley, Prof. Mech. and 

Eng,, Swurtbmore College. 
Robt, E. Tbompnon, Prof, of HiB- 

lory, University of Pennsylvania. 
Morton W. Easton, Pro£ of Comp. 

Philology, University of Penna. 



Elliott, Sons & Co, 
Haines Brothers, 
Geo. 8. Fox A Son. 
De Haven A Townaend. 
Mortimer Nippos. 
Thomas Cochran. 
Job. P, Kennedy. 
John U. Campbell. 
Jas. R. Ludlow. 
H. L. Gaw 4 Co. 
Sarr ft Gerlach. 
ChoB. Heber Clark. 
Walter McMichael, 
Gibson Peacock. 
PianciB Wells. 
RobL 6. Davie, 
David M. McFarlnnd. 
Jos, Hemphill. 
Job. L. Caven. 
W. C. Hamilton ft Sons. 

D. landreth 4 Sons. 

E. C. Eby & Co. 
William B. Smith. 
J. F. Hartranft. 
E, P. Graham. 
W, N. .\shman. 
Edward Comfort. 
Wm, Spent^er. 
Thoa. W. Evans. 
Beiij, H. Shoemaker. 
Henry M. Hoyt. 
Galloway C. MorriB. 
Clement B. Penrose. 
Geo. Junkin. 
Walter E. Rex. 
Furmnn Sbeppaid. 
H. B, Bruner. 

H. M. Hieskell. 
James Campbell. 
Amos BrigKB, 
Abraham M, Beitler. 
J. Levering Jones. 
Edw, P, AUinson. 
John K, Barclay. 
Wm. K. Barclay. 
Albert B. Giiilbert. 
Geo. L, Crawford. 
Henry C. Longhlin. 
E. Otis Eendall, Prof, of MathH 
University of Pennsylvania. 



>^ 



^v ^ 


^^ftlVin. D. Murks. Whitney Prof. Dyn. 


Frauds A. Jackson. Prof.Lat. Lang. 1 


^^■Eng.. University of Penua. 


and Li(., University of Penna. 1 


^^^Df. Egbert Mitchell, lustrnutor in 


I#wi8 M. HHUi>t, Prof, of Civil En- 1 


^^^H^ History, Univereity of Penna. 


Ijineerinp, University of Penna. 1 


^^^Bohn B. McMoBter, Pruf. of Aiu. 


Edwin 8. Crawley, Instructor in 1 


^^Hl Hiatory, Univeraily of Penna. 


Civil Eng., Univ. of Penna. 1 


^^Kanil. Itobb. 


Hiram A. Scholleld, Civ. Engineer. ■ 


^^^tobt. 11. Mt^GriLth. 


Emngham B. Morris, fl 


^^^Henry E. BiiSL-h. 


Henry Flanderw. fl 


J. Newton Brown. 


Louis C. Maasey. B 


EdwHrd Nicholas. 


Bich. P. White. ■ 


^^ Willinm F. Hwrity. 


John A. Clark. ^^^M 


^^L CbHS. Davia. 


Chnries A. Lagen. ^^^^1 


^^KBenry J. Bcott. 


^^^^^1 


^^VSftvisC. Harrington. 


Isaac Hazel hurst. ^^^^^^| 


^^ Chns.F.Stilz. 


Henry Hngert. ^^^^H 


John W. Barron. 


TI>oma« P. Judge. ^^^^H 


Ales. McUwee, Jr. 


Edwin Chaae. ^^^^H 


1 Henrj- Mt-Intyre. 


Henry Budd. ^^^^^H 


^Haiiom.J. Hunt. 


Albert W. Coz. ^^^^^| 


^^^Damntl E. Caven. 


E. G. Hamersley. ^^^^^| 


^^^Pilwd. Barry. 


James N.M.Newlin. ^^^^1 


^^^rar. Ross Brown. 


John Greene. ^^^^^| 


^^^fe^cia Tracy Tobin. 


T. Elliot Patt«raon. ^^^^^| 


^^^Kharlea Carver. 


Arthur M. Biirton. ^^^^^^| 


^^KTbo. D. Carlisle. 


^^^^1 


^^nr. T. Elliot, 


J. Henry Carver. ^^^^^^| 


^^Hf. Sergeant Price. 


William Mann. ^^^^H 


^Hfeu Kiut Price, Jr. 


B. Gordon Bromley. ^^^^^^| 


^^K^Ii R. Price. 


Chae. V. IkUnn. l^^^^H 


" J. WiUiB Martin. 


John U Kelly. ^^^^1 


Joseph Parrish. 


Ales. P. Cole«berry. ^^^^H 


Morton P. Henry. 


Francis Rawle. ^^^^^H 


^^m Merchant & Co. 


J. Henry Mclntyre. ^^ 


^^HOideon Stoddort. 




^^^P The following reaidenis of Potlst' 


awn, Bcthlehen), Alloulown, Wilkee- 


^^^■tNure, Lancaster, and the oil region 


of Pennsylvania:— 


^^H 


aed. 


^^Kf. Dulton Steele. 


M. D. Evans. 


^^■jocob U. Gabel. 


Wm. M. Gordon, Assistant Treas- 


^^BOeorge Mull. 


urer PottBtown Iron Co. 


^^K)r. B. Boyer. 


Geo. H. Potts, Chairman Polls 


^^fXnac Pe^ley. 


Bros.' Iron Co., I.imit«d. 


^^ Baniel Pric-e. 


Griffith Jonee. Snpt. Steel Ore Cc.'e 


Mark H. Bicharde. 


Norway Fiirnai'e. 


L. & W. C. Beeoher. 


Henry H. Giihel. 


^^^ Edward T. ■Davies. 


J. W. Casselberry. 


^KUenryO.K..!,.. 


Ephraim FrilE. 


^H^. Storb. 


FrancU H. fiaylor. 





^™ Cofrod(j A yuytor. 


K. A. Lumberton. ^^^H 


" Bobt. H. Sayre, President HarriH- 


L. R. Myers. ^^H 


barg & Western Railroad. 


F. C. Mattes. ^H 


[] Geo. H. Myers. PresirtBiit First | 


H. T. Clauder. ^H 


^H National Bsnk. 


Francis WeisB, President Ald^^ 


^H JohnFriU. Supt.B. I. C\j. 


Coal Co. 


^H Charles Brodhead. 


Jer. a He(«. 


^H^ Weston, Dodson & Co. 


Wm.ChHpmRn, ^^^ 


' J. P. SchoU. 


Joseph U. Treager. ^^H 


B, E. Lehman. 


H. W. Harding. ^^1 


J. Price Welherill. 


Riegel, Courtwrtght & ScAi. ^^H 


Tineley Jeier. 


DnangBt & Kressler. ^^M 


E.CoppeeMiti-beIl. 


Geo. H. King. ^^H 


W. 8«ger. . 


P. M. Rauch. ^^H 


C, W. Coojier, 


B. E. Wngbt. Jr. ^^M 


n. E. Wright. 


3. 8. Dillinger. ^^H 


Shimer A lAub. 


E. G. Bchwsrtx. ^^M 


8.D.Lehr. 


Thomas S. Kem. ^^^| 


G«o^ K>thl, 


Guth & Kern. ^^H 


Tr«xler & HHrUell. 


W. R. Steckel. ^^M 


E. S. BMmer. 


Kramer & Co. ^^^| 


1 Wm. Reitiier. 


H. M. Leh & Co. ^^M 


^^m Evan Holbeii. 


3. B. Mishler. ^^M 


^B Grubb A Medlar. 


H. C. Wagner. -^^1 


^^ T. D. Frey. 


Alexander P. Criily. ^^ 



G. W. EnglemHn. 
Dalliis Dillinger. 
Charles R. James. 
T. F. Keck. 
C. J. Erdman. 
Zellner Bros. 
P. S. Prelz. 
P. h\ Boyle. 

Bauiuel it. iiiiCz. 

Albright, Son & Co. 

Thoa. W. Rube. 

T. H. Good. 

M. H. Horn. 

Andrew T. McClintock. 

Joseph Birkbeck. 

A. E. Beitler. 
Geo. H. Flanagan. 
Jofl. T. Cod lis. 

W. G. Sterling. 
N. Rutter. 
Henry W. Palmer 
JolinC. Phelps. 
Charles D. Foster. 
Geo. 8. Bennett. 

B. M. Espy. 



J. W. Trader. 
Wm. H.SnoHdeii. 
Geo. Bower. 
H. W. Mohr- 
Wm. J. Harvey. 
John Rii]i|). 
S. A. Bridges. 
A. B, Lr-nRiiker. 
AugiiBtus Weber. 
Koch & Shaiikweiler. 
F. P. Lenti & Co. 
Andereon 4 Meissner. 
John B. Stiles. 
J. S. Biery. 
Wm.R. Lawfer&Co. 
Reuben Downing. 
Andrew H. McClintock. 
C. Dorrance. 
George Level and. 
David P. Ayara, Casbier. 
E. P. Darling. 
J. W.Hollinback. 
Sheldon Reynolds. 
Andrew Hemlock. 
W. H.Sturdevant. 





^^^^^^H 


^^fw, Swoyer. 


^^H^^^^H 


Alexander Faniham. 


Harvey. ^^^H 


J. P. Wkkersham. 


John T. MacGonigle ^^^^| 






Geo. M. Heinnmn & Co. 


D. W. Patttirson. 4^^^^| 


Hager & Bro. 


E. ^^^H 


Charles A. Heimteh. 


Amos S. Henderson. ^^^^^H 


Benj. F. Shink. 


George Naiiman. ^^^^^| 


A. C. Kepler. 


Parry. ^^^^^| 


James Black. 


D. C. Uaveretick. ^^^H 


John F. Long's Sons. 


W. ^^^H 


J. Hay Brown. 


Lewis S. Hnrtman. ^^^^^| 




J. M. Keyser. ^^^H 


E. Eberman. 


Long. ^^^H 


Wm. Blickenderfer. 


Reed, McGnuin & Co. ^^^^1 


Wra. A. Atlee. 


H. C. Demuth. ^^^H 


Henry J. Butler. 


J. H. Banmgardner. ^^^H 


M. D. Si.recher. 


Geo. D. Sprecher. ^^^^| 


H. C. Hamer. 


Hirsh & Brother. - ^^^^| 


Henry Baiimgardner. 


Bair & ^^^^M 


P. P. KauITiiian. 


Jno. D. Connelly. ^^^^^| 


John Fertig. 


W. C. ^^^1 


R. K. Hopkins. 


^^^M 


A. N. Perrin. 


Q. Benlon. .^^^^| 


A. P. Bennett. 


E. C. Uoag. ^^^H 


Drtvid McKelvy. 


A. C. Hawkins. ^^^H 


E. 0. Emerwin. 


W. R. Weaver. ^^^M 


Willis B.Benedict. 


Hamsher. ^^^H 


P. M. Curhun. 


^^H 






L. R. Keefer. Schnylkill Co. 


Chss. F.King, Schuylkill Co. 






Geo. Handy Smith. Philad'n " 


Lewis Emery. Jr., McKean " 


8. P. Wolverton, North'mbl'd " 


J, W. Lee, Venango 


Edward H. Shearer, Berks " 


John D. BiddiB, Pike 


W. M. Nelson, Wayne 


Wm. W. Harl, Lycoming 


Homer J. Hnmea, Crawford " 


Alexander Patton. Greeoe 


J. H. Boss, York 


F. H. Agnew, Beaver " 


8. C. Wagner, Cumberland 


J. H. Longeneeker, Bedford '■ 


Louis A. Watres, Laokawannn " 


G. W. McCmt-ken, Lawrence " 


H. A. Boggs, Cambria 


M. A. Arnholt, Pittsburg 


Ch»B. H. Smiley, Perry 




ThoB. V. Cooper, Delaware 


H. D. Harlan, Chwter 


Eckluy B. Coze, Lnzerne " 


John M. Groer. Butler 


Joseph P. Kennedy, Philad'a " 


William A.W«lliue, Clearfield" 


Jno. E. Faunce, " " 


Jamos W. Hlighea. Bedford " 


James Neill. 


TUos. Mat-Reyiiolda, Bucks " 


Geo. 8. Qark, " " 


Umuel Amerman, Lack'a 





^1 


J. Ziegler, Butler Co. 


Franklin Hall, PliilaUelpbia Co. ^^ 


aina. K. Gentner, Philud'a " 


W. H. Vogdes, 


James C. Hasaett, 


W. Wavne. Chester 


J. McD. Sharpe, FrHiiklin 




M. F. Ooolbaiigli, Monroe " 


Joa, H. Sinex, 


Wm. BryaoD, Columbia " 


T. J. Vanderelii-e, Columbia " 


SylvesterGavitt,Jr.,Phila(i'a " 


Wm. HasBon, Venango " 


8. J. Hotheraall, 


B. Frank Abbott, Philadelphia" 


Geo. \V. Hall. 


W.H.Hinea, Lurerne 


Tlieo. M. Harrar, Montgomery " 


Charlee Tubbs. Tioga 


L. H. DaviB, 




Jamea McCormick, Montour " 


A. W. annder, Lancaster 


Bobt. C. McNaraara, Bedford " 


Robt R. Dearden, Philad'a 


John W. Morrison, Allegheny " 


F. E. Stees, S.'huylkill 


Robert Chadwick, Delaware " 


Theo. B. Klein, Lpbanon " 




Johii J. EuBton, " " 


J. L. Brown, Elk 


John T. Potis, Chester 


Wm. E. Fulmer, Schaylkill " 


A. J. Colborn, &imor»et " 


J. E. Breiinan, " " 


Henry D. Green, Berks 


Edward Hummel, " " 


Jas. A. Sweeney, Ltizerne " 


Thomas J. Higgins, " " 




J. B. Niles, Tioga 


A. D. Glenn, Arinsirong, " 




Kteuben Jenkina. Luterne, " ^^ 


N. H. Voegtly, Allegheny 


John W. Walker, Erie, "^^^1 



After the above were read Mr. Harkness said; Mr. 
Chairman, I am an old stock and bond holder, I am glad 
to say, in The Philadelphia and Reading Railroad Coinpany. 
I have been asked to present some papers from my fellow- 
shareholders at this meeting, which I will do as rapidly as 
possible. They will explain themselves. 

Preparatory to that, I want to say to our respected Presi- 
dent that, whilst the truth may be complimentary, it is not 
flattery, and that, knowing his repugnance to anything like 
adulation, these papers have been carefully considered and 
framed. We want him to remember that this is our meet- 
ing, — a stockholders' meeting, — and to patiently listen to 
and to bear with us, as we simply perform a duly, at U'cfl 
as a pleasure, to ourstlves. 

Mr. Chairman, I liave only to add that I would like, if I 
felt equal to it, to pay a tribute to the late Hon. Adolph E. 
Borie, in his devotion to this Company and to Mr. Gowen. 
His endorsement of the management in his will was an in- 
spiration to me when I read it. So, also, have I felt as to the 



Ste'Robert McCalmont, Esq., of London, who passed away 
about a month since, after suffering as a totally helpless 
paralytic during alt the years of the Company's late strug- 
gle. He was the able and manly friend of, and co-worker 
with, Mr. Gowen. Had his usefuhiess not been entirely 
and hopelessly extinguished, Mr. Gowen would not have 
had the great work to do that he has done. We can now 
look hopefully to the future. The interest that I am in, as 
a producer of oil, can do so, not only for this Ckimpany, but 
for ourselves, who may not be Standard Oil men, and all 
that that means. Mr. Gowen has made fair competition 
possible. Philadelphia to-day should be refining and ship- 
ping ten times the amount she now does in that direction. 

Our younger business men hardly appreciate what Phita- 
delphians have had to contend with for the past fifteen 
years. To-day we are better off. May God grant that Mr. 
Gowen may have his finepliysical health — for a sound body 
is also a great blessing — and live at least the allotted time, 
the threescore years and ten, and that he may never fail, 
in his untiring honesty and ability, to do what his hands 
may find to do. for the benefit of his fellow-citizens, and his 
fellow-men at large, is our sincere and earnest desire. 

Harkness then presented certain resolutions highly 
iplimentary to Mr, Gowen. 



^Hlr. 



LocKwooD. — Mr. Chairman, I rise to second those 
resolutions, and, before I speak to them, I will ask to offer 
the resolution which I referred to before, for the reason that 
if this meeting is anything at all, it is exceptional in that 
wo are about to part from a great leader. 

Mr. Loekwood here offered the following resolution: — 

^^^f Resolved, That the proceedings of this meeting be taken 
^^^nm verbatim by a stenographer, and that the incoming 
^I^ident and Board of Directors print and publish the 
same for the information of the stockholders" 

The chairman was about to present to the meeting for ac- 
tion the resolutions offered by Mr. Harkness, they being first 
in order, when Mr. Franklin U. Gowon said: Gentlemeu, 



I desire to say a word. I trust my friends Mr. Harkness 
and Mr. Lockwood will both see the great impropriety of 
offering any resolutions of the kind introduced by Mr. Hark- 
ness at a meeting in which I control over seven-eighths of 
the proxies that will be voted. I accept the offer of thotso 
resolutions as highly complimentary to myself, but I cer- 
tainly shall vote against them if they are presented. I never 
can permit it to be said that resolutions so complimentiiry 
to me were passed at a meeting where I controlled the vot- 
ing stock of the Company. It would place me in a position 
which I cannot afford to occupy. 

As for the letters, so liberally signed, which have been 
presented, and of the intended presentation of which I had 
no knowledge, I am perfectly willing that they shall re- 
main upon the records of the Company, so that if anybody 
in the future (in the neighborhood of the Pennsylvania 
Railroad office, for instance, or some of the South Third 
Street offices) should say that Mr. Gowen was tiirne<i out 
of the Presidency of The Reading Railroad Company, be 
can be confronted by these well-signed refjuests to Mr. Gowen 
to remain. I must say that, looking at this meeting, and 
comparing it with the one held here two years ago, I feel a 
great deal of satisfaction at finding a vast and influential 
body of shareholders endeavoring to keep me in office, in- 
stead of a small but extremely powerful body which then 
joined in an effort to keep me out. For that reason I am 
willing that these letters may remain on the records of the 
Company ; but my friends Mr. Harkness and Mr. Lockwood 
will see, upon reflection, I am sure, that it would pl4ce me 
in a very embarrassing position if any one could say that, 
at a meeting at which Mr. Gowen held proxies for nearly 
four hundred thousand of the votes of the Company, he 
acquiesced in the adoption of resolutions so complimentary 
to himself as these are. I trust, therefore, that they will be 
withdrawn. 

Mr. Lockwood here addressed the meeting at some length. 

At the close of Mr. Lockwood's remarks the chairman 
desired to know whether the suggestion of Mr. Gowen, as to 
the withdrawal of the above-referred-to resolutions, should 
be acted upon. 



37 

Mr. GowEN again stated : I think the resolutions should 
be withdrawn, and I most earnestly hope they will be. I 
think my own friends should not place me in the position 
of having agreed, even tacitly, to place on the minutes of 
this meeting any resolutions of the stockholders complimen- 
tary to myself, because I control the power to vote, and I cer- 
tainly ought not to be put in such a position. I appreciate 
the kindness that induced the offer, but I again say that I 
trust the resolutions will be withdrawn. I have no ob- 
jection, as I have said before, to the letters addressed to 
me by the shareholders being filed among our records or 
placed upon the minutes of the meeting. 

Mr. Harkness here stated that he withdrew the resolutions 
heretofore presented by him, but only out of deference to 
Mr. Gowen's wishes. 

Mr. LocKwooD. — Will Mr. Gowen object to their being 
entered on the minutes and preserved for the action of next 
year's meeting? 

Mr. Gowen. — I think I must object. Everybody must 
admit that I, being vested with the voting power by the 
shareholders, control the action of this meeting, because I 
have with me proxies numbering about 385,000 out of a 
total of 530,000 or 540,000 voting shares, and I do not want 
it to be said that I made up, or acquiesced in making up, a 
record at this meeting complimentary to myself. My friends 
ought to see the propriety of that. 

The Chairman. — I understand that Mr. Harkness is 
willing to withdraw the resolutions. 

Mr. Harkness. — I am, but only under the circumstances 
stated by Mr. Gowen. 

• The resolutions offered by Mr. Harkness were then with- 
drawn. 



The election for officers was then proceeded with, and by 
a unanimous vote of 391,100 shares resulted in the electiou 
of the following: — 

PRESIDENT, 

GEORGE DK B. KEIM. 

managers: 
J. B. LTPPINCOTT, 
HENRY LEWIS, 
I. V. WILLIAMSON, 
EDWARD C. KNIGHT, 
JOSEPH B. ALTEMUS, 
LORING A. ROBERTSON. 

TREASURER, 

WILLIAM A. CHURCH. 

SECRETARY, 

ALBERT FOSTER. 

After the announcement of the vote, the chairman de- 
clared that " This meeting now stands adjourned to meet on 
Monday, the twenty-eighth day of January, 1884, at 12 
o'clock, noon, at the General Office of the Company, No. 227 
South Fourth Street, Philadelphia, for the purpose of taking 
a stock vote upon the resolution offered by Mr. Franklin B. 
Gowen relative to the payment of dividends upon the Pre- 
ferred and Common stock of the Company." 

Edw'd S. Whelen, 

C/i airman. 
Albert Foster, 

Secretary. 



PROCEEDINGS 



ADJOURNED MEETING 



STOCKHOLDERS 



THE PHILADELPHIA & READING RAILROAD COMPANY, 



D AT THE General Office of the CuMpy 
Fourth Street, Philadelphia, on Janu^ 

AT 13 o'clock, M. 



, No, S57 South 



Mr. E. S. Whelen, being in the chair, called the meeting 
to order, and stated that it had been called for the purpose 
of voting upon the resolution submitted by Mr. Gowen at 
the annual meeting. 

The resolution was then read by the Secretary, Mr. Albert 
Foster, as follows : — 

"Resolved, That it is the opinion of the shareholders that, 
upon the successful issue of the Collateral Trust Loan, re- 
ferred to in the report of the Managers just read, and the 
realization of the proceeds thereof by the Managers for 
the purpose of retiring the outstanding Income Mortgage 
Bonds, and paying the floating debt of the Company, and 
paying the balance of the purchase-money due upon fifty 
thousand shares of Central Railroad tbrapany of Kew 
Jersey stock, a dividend of twenty-one per cent., represent- 
ing the arrears due, be made in cash u|K)n the Preferred 
Stock of the Company, and a dividend of three per cent, in 
cash be made upon the Common Stock of the Company." 

Mr. FsAKKLiN B. GowBN. — I desire to state, before the 
vote is taken, that I have been informed many people ex- 
pected some report to be made at this meeting about the 
Collateral Trust Loan. This meeting is an adjourned meet- 
ing for the purpose of taking a vote upon the resolution, 
and for no other purpose. The loan has not been ofl'ered 
to any man, woman, child, or institution. Nobody has 
taken any or refused any, because it was not offered. It 

s not considered wise to do anything in the month of 



\ 



I 

I 



40 

January. We have no doubt about the ability to get th? 
money. The papers for it are not even drawn. It has not 
yet passed the Board, and will not be acted on for two or 
three weeks. In the present disturbed condition of Stock 
Exchange value)! it was not considered wise to do anything 
in the matter. There is no doubt in my mind of the Com- 
pany getting the money whenever it is ready to take il. 
This meeting is simply for the purpose of voting on the 
resolution, whether in case the loan is negotiated the sharu- 
holders desire to have a dividend or not. 

Mr. Charles Bayard. — I would like to ask whether we 
are tied up to vote aye or nay on this resolution, or is il 
subject to amendment? 

Mr. GowEN. — I think not. I think this is an adjourned 
meeting for the sole purpose of voting on that resolution, 
and that only. 

Mr. Gamble. — I move that we take a recess of an hour 
for the purpose of voting on tbe resolution as offered. 

The motion was unanimously adopted. 

Mr. GowEN. — Any shareholders here who have sent me 
their proxies can now vote personally if they so desire. 

The chairman then announced that the judges were now 
ready to receive the votes on the resolution. 

At 1.10 o'clock, P. M., the polls were closed and the 
judges proceeded to make up their report. At 1,25 o'clock, 
P. M., the meeting was again called to order, and the fol- 
lowing report of the judges was read by Mr. Mactier: — 

"The vote for the resolution is 193,282; against the reso- 
lution, is 195,447. The resolution is, therefore, lost; but of 
the majority, 28,925 votes were voted in favor of a dividend 
on the Preferred Stock. Hence, upon the question of the 
dividend on the Preferred Stock, the vote stands, 222,207 
for, and 166,522 against." 

The chairman then declared the meeting adjourned. 

Albert Foster, Edw'd S. Whelen, 

Secretary. Chairman. 



APPENDIX. 



The Philadelphia & Reading R. R. Co. 



-»♦— 



TRANSPORTATION AND INCOME ACCOUNT 
DETAILS OF RENEWAL FUND. 
GENERAL BALANCE-SHEET 
MATERIALS ON HAND. &c. 



REPORTS OF THE 



GENERAL MANAGER 



AND 



CHIEF ROAD-MASTER, 



WITH ACCOMPANYING 



STATEMENTS, 



AND REPORT OF THE 



CHIEF ENGINEER. 



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fl||i|!1i|li|?|iL, 

ls.|SS.5S.«S£.g.S8.S.LE. 



11 



tpaE 



55 
ITEMS CHARGED TO REXEWAL FXTHD, 1882-83. 

•a Rxilk:— 

iU laid doim. 18,1131.1 Ibri, a ltX.41 tnS.1X K 

oM niU UkeD out, 1C1IM.T " §23.71 «12fiin» 



10 jMiHnier angina. In 

SM, sn, 443. iDd 44a,_ 



inglncL In p]ux ot Moa. IS, SW, »ST, SUB, M, U4, 



4 ■Ix.-wheflled iliiJUDg fl^glim, la plaoa ^ Hi 



(ftiuF-«h«M ihlftiDg en^M, 




it'i Lana, Benent. Brthtim, 
:k, Sbenindwb. tilen Carln 
Mifuno; improTamaQiB lo da|ri)ls mt ColumblH Avaui 
rlauwn, PatUtoira, Mycnlovn, Eicelilor, SI. Mlcbol 
barton, uid to BaadLng D«pot naUurmnt; neww«rabi 
W*TB«ilaBCtk>n.Brldg«porl.&DdPottaloirn; navfnlgbtahed 
at Pancojd; naw fralgbt ' -■ "' ' " -- 



nav fralgbt jard 
■1 Ltbuioii : ODlargi 
nanactlana, vai a r-u 



>uK» 



Banian, Ao,:— 
BanawtDd biidtfas, trfisilai, and culvena on Main Line a 
Mahano* and Sbamokin, SchuTlklll and Suaquebinna, Co. 
bnokdala.ChMttcVallBr, PlrniDuib, GermaaLoim ancl Ni 
riatowD. Nonb Pann. Bound bn»k, and NawJanarttamba 
Bnoehia: and eilendlng nulraru on Main Una and (i> 



I 



CbanglDii traeka al Raadlng. Eiit Uanajunk, and Blandon^ 
ehuiEiDE locatlDD w( turnlalila ai Brblnnort and ranawlna 
tnrnlablt at Na>ark] ralalnlnn nlla at ManUburg and 
OB OnnnSDIovn and Norrlitoirn Branch ; p*Tlng, cartilBB, ie, 
at Pblladalphia, Lebanon, Emaua. Batblaham, and TiaotOBi 
na* idIIb-{ioiU on Oerniantowii and Norrtiloirn. Tabor, North 
.. — « ._. «_..,. ._...._ ■ My CntralBraoohea; iblp. 
' ---• '—•ln( malarlala, 



D, Bound Bra 



I f^ SiobmDod, I 



halliraad 



nafc-ss... 



SEMEWAL FUKD, 1 



natsrlala maeliad fnm Central 



ISO.OOOOO 



^iind obirged Inoome 



BALANCE 
The Philadefythia and Beading 



OAPITAL AOCOUNTa: 



Eii«Mah«novRmilt.«dcrtl'ock, : ; 
UIorHllluulBcbuylklUBuvnilCiiilraiulO 



ctauylUU MavtotloD 



■sassi -»■- 



etnetiudbendghcldbT ifavCMnnu', . 
Muterlili an iHUKl 

D»bu doc ID tbr Campuiy :- 



ISCOUB ACCODNTB: 




Sailroad Company, November SOlh, 18SS, 



DtnuBo YuB u 



iDcMHe. Divnui. 



CAPITAL ACCOUNT8; 



tn.tn.no w ' 



isa- 


.■r,ps£5": 


loiinw ■ 


(oannlbl 


V»m.. 




■vloilm Co.. . 
jUlremd ra., mam 


rtiiiew. : 





mSuN 



X.tABII.ITISS ; 

tulla pi^ablE tnd Inuu. 

Bwtlvtn'nnlOulHr Ibr Inuml doc Juuf lit. In 
KKtlVcn' nrtbcuUs Ibr'nuucuii aiul hb'piiUc*. 



i.ni;>Ki M . (.ggiju •» , 



M,nun»' 

ITMajW M I MAI U 



Pa* U Iim4 t«4< Vnd ouiab.iHr- 
Dm u c«uiM6n( R. sL CM., 









1M.J17 n 



Hnkkw llind, SobnilliJII Xht. Cd, iin|>rnrfm' 
MMtfOi iwtf tsd lh[Oq(b'l(u or CsTlnl K. J, 11 

UrOOKG ACCODNTS: 
haMorP.*I(.lt.R C».: 



Lm !«■ P. * R. C. « I. cm. n>r rcuo f n 






"•^^^"'""■"■UltdBlurtjll^ilomhFld U> tUHl (h* nbUTI. t |Sl.taa,awa(f«in>ltiHin«l>calDUltL^4W< 

t nil nfmuu l«M prtM, 



DetaiU of Funded LiabUiliet and Stock, at thmm condetued on the 
Balaneo-SheeL 



STATEMENT OF MATERIALS ON HAND NOVEMBER 30th, 1883. 



bdUIj. DucrlptloB. 



Clikira, spikea, Ac 

Copper DJid other melale Copptr . 



Files uid looli,,.. 

Frog! 

Hanlwnre 

Horae-feed, Ac... 



?ii: 



1, ihlnijlM, Ao. 

Propel' rwhe«1«— sMmu- 

Ropo, Ac 

Sumj-tv itohcB. 

Scrap cut iron i,ik 

Senp wrought iron Sf 

Scrap steel Mid other 

Stone, lime, Ac 

Slo rua— Rleun-cnl 1 ieni.. . 

Sundrr in»t«riBli 

T»lIow. l«d, Ac TftUdw, 4c...,| 105,2! 

'" ' D waltc! SS,SI 



«a,340 00 
6S6 58 
l,fl83 50 



3JH 26 
100,5S6 04 
34,S25 Se 



4,679 17 
222,499 74 
lti6,181 05 



58.001 Wl 
4.1 S4 55 
24,S51 GS 



600 OU 
4,258 10 
37.13fi S9 



•013,966 II 
69,7S« 24 
25,14C 24 




CONDENSED 
Oj the Beeeipti, Expentett Tonnage, Paeeengert, Equ^ment, and Length ej Reed 

Naeember SOIIi, mt. 







R.C.™. 






E.™.-^ 




*-■ 1 


"7Jr- 


HS.' 


.^. 


'K^Ii. 




^ 


I860 


»2.071,731i 


fl25,822; 


1 
$166,405 $2,363,958 


5792,024 


»I54,780 


J133.51S 


n,080.32S 


1851 2,018,871 


123,672. 


171,787' 


2,314,330 


872,955 


160,569 


165,413 


1.188.937 


1852 2,150,677 


138.964 


190,935 


2,480,626 


874,641 


202,132 


161.866 


1,228.639 


1863 2,254,694] 


180,612 


252,981 


2,688,287 


878,071 


178,480 


165.986 


1.222,5s; 


1864 3,253,823' 


231,626 


296,190 


3,781,639 


1,226,321 


220,209 


195,682 


1.6*1,213 


1855 3,664,095; 


325,851 


331,848' 


4,321,794 


1,225,239 


285,643 


216,997 


1, 727,87s 


1866 3,242,458 


348,(«W 


322,584 


3,913,741 


1,238,970 


324.168 


26U18 


1,824,SS6 


1857 2,412,923 


329,986 


322,612 


3,065,521 


1,072,090 


266,588 


143.059 


1.481.746 


1858' 1,865,693 


335,915 


309,143 


2,510,751 


858,494 


223.309 


117,996 


l,Ifl9.7» 


1859 1,883,685 


474,888 


365,720 


2,724,293 


899,222 


233,578 


143.381 


1,27B.W1 


1860 2,328,158 


599,620 


384,768 


3,312,&i6 


971,511 


239,787 


242,651 


1.451M» 


18611 2.111,023 


400,321 


388,494 


2,905,838 


844,664 


246,474 


191,006 


l,ffiS.lM 


1862! 2,879,420 


523,418 


508,994 


3,911,830 


977,742 


256,935 


301.906 


1,53«^ 


1863 4,897,20(1 


073.143 


682,550 


6,252,902 


1,588,156 


374,212 


583.633 


2..516.001 


18(i4 7,203,775 


953,770 


1.1U,7N9 


9,269,340 


2,'565,342 


722,176 


1,197,330 


4,.jR4.*l* 


1865 8,627.292 


l,lfi5,277 


1,349.950 


11.142,519 


.■i,539,435 


997,948 


1,308.481 


5,90>.f*i4 


1866 8,245.607 


1,421,539 


1,235,583 


10,902,819 


3,791,620 


1,094,668 


1,335,212 


6,221.S«i 


1867 6,404,878 


1,525,551 


1.176,067 


9,10(i,496 


3,(i00,796 


1.066,225 


1,100.838 


5.76:.ftJ!' 


1868 6,262,224 


1,415,723 


1,123,1)'J0 


8,701,937 


3,577,625 


1,061,079 


1,002.396 


6.Ml,lfti 


1869 8,346,240 


1,579,623 


1,282,518 


11,208,381 


3,979,399 


1,132,558 


1,160,876 


6,272,833 


1870 6,498,871 


1,690,444 


1,382,052 


9,571,367 


3.638,472 


1,140,703 


1,162,292 


5.931, w: 


1871 8,287,293 


2;t06,fH3 


1,968,907 


12.562,843 


4,108.044 


1,261,952 


1,489,971 


li.^W.!"" 


1872 7,513,115 


2,688.030 


1,933,893 


12,125,038 


4,472.343 


1,397,143 


1,432,3.52 


:,3.-n.7s< 


1873 9,104.094 


3.603,177 


2.125,390 


14.832,f«l 


5,42t(,479 


1,674,591 


1,558,8.50 


».K^.n' 


1874 8,920,914 


3,380,301 


2,150,90(i 


14,4n2,12] 


5,157,240 


1.252,293 


1,530,701 


ims^ 


1875 7,63ii,fi99 


3,026,008 


1,998.22(1 


12,(HiO,»27 


4,867,129 


1,192,496 


1,450,615 


7.510.:># 


1876 6,708,682 


2.949,501 


2,50il,328 


12,227,511 


4,990.572 


1,139,186 


1,650,001 


7,77tf.:a' 


1877 7,505.207 


2,913,588 


1,724,115 


12,142,910 


4,656,167 


873,689 


1,824,398 


7,i>4.25t 


1878 7,206.952 


2,690,766 


l,('>41,87o 


11,539,593 


4,301,106 


930,666 


1,747,470 


6,i);!ij.'Ji' 


1879 7,186,222 


3,827,496 


2,092,634 


13.106,352 


5,140,808 


1,067,511 


2.324,582 


8,53^.931 


1880 8,357,812 


5,058,145 


3,522,929 


16,938,886 


6,122,310 


1,398,382 


1,726.7!» 


9.247.1HI 


1881 9,0ft'i.070 


5.671.477 


3,855,894 


18,612,441 


6,678,072 


1,773,574 


2,038,301 


io.4>uw: 


1882 9.764,:il2 


«.3ft«,Of(7 


4,271.270 


2a3:«.64il 


7.171,384 


2,1137,793 


2,2«a,:m 


Il,4:;.ii0 


1S83 


13,988,413 


7,687.241 


(1,000.283 


9,575.603 


2,344,601 


2,449.V..-. 


i4,.'>i^i.:'!? 



■ 


w 


^^^^^H 

" 


1 


STATEMENT 






0/ The Philadelphia and Reading Railroad Co. for the year* ending 




to 18SS, inelutive. 








TWMOK »»D P»«- 


.>oK«». ^"""{trKis?*'^."" "^ , %, 


CUD 




t™ '"•' '^■'' 


Jl^l/wVlrtl: TwdX. St !«-■.««- ^ «"'ir^. 


iSm Ik.., 


<— .^ SSrlS"; 


■'"jSTlJ " ""Min. 1' J, I —to. 1 . '^ f" '™" 


Tiirt 


1^1,502 


63,625. 157.450 


1,743680 9" -. T 44 1171 28 95 


95 


1,650.270 


63.8071 219,731 


2.145 U" 1 36' 28 95 


95 


1,050,912 


75,769 181.217 


2.12'' 171 41 30 98 


98 


1^2,248 


107,853 174,101 


2,076 11 4 6 38 •» 


98 


1,987,864 


140.801 187,591 


2,68" 563 03 45 98 


98 


2,213.2»2 


I54,:«4] «7,478 


2,'M r 7 " i q 3454 98 


98 


2,088,903 


198,8861 236.700 


2.815 60 "S'lJOl. 4 94^dl 5719 j8 98 


98 


1709692 


184,617 182.512 


2.326 1 -^l 679 4_ I 57 366 5 -w 58 98 


98 


iM2.tm 


187,729' 170,603 


2.t2( 8S1 28.651 4 lon4S2 5634 58 152 


98 


l,e32,iia2 


.■m.iHMl I0H.104 


2,40o3l4' 3 4 44 695 64 lo"" 


98 


l,'M;.vr. 


iL',:, ■■_■; XAnm 


2;819898 3 % 64 162 


98 


\.n:VK'' ■ 


._■. ■ - :^;-,,237 


2,3*8906 3 3 65, 15 


98 


2.:si";-' 


'■;..",■.. '■'■-'"^ 


3,260 953 d 300 6 1 IS"" 


98 


3.(Ki.""v-'i! 




-:U,071 


4,391 87 1 5 43( 67 152 


10 


3,0H.i,.v,; 


B(l?^U« 


■-'42,908 


4,606 -Wl 1 H"i a 9 606 81 1 15*> 


126 


3,090,814 


846,105 


249.863 


4,712016 1481632 254 d68«3(« 9663 8 162 


130 


3,7H,884 


1,037,121 


220,890 


5,574 90 444 h>6 4 261 336 10 517 10a 152 


m 


3.44«,82U 


1,185,&9(! 


242.526 


5.421 538 I 73 m' 68 4 356 386 10 477 10 152 


133 


3^74,874 


1,220.596 


220.946 


5.488,558 1.194,570 "69 4,500,135 0,631,119 15'' 


133 


4,239,457 


1,422,738 


337,117 


6,667,1901 1,527,769 297] 5,159,3011 11,895141 152 


139 


U-tSr- 






'ill 




4,833,504 


1,7HW3 


293,578 


7.449,925 2,034,039 309; 5,100,175 15,728146 152 


139 


6,002,573 


2,805,234 


437,456 


8,548,964 5.766,934iS43| 6.543,138' 16,320 238 260 


151 


S,I8fi,434 


2,891,400 


497.571 


10,981,657 


fl.383,991,:377 7,248,778 18.368268, 323 


15X 


6,546,553 


3,331,194 


651,648 


11.932.202 


6,790,088,;400 8.351.682' 19,224281; 327 


151 


6,348,812 


3,098.831 


493,691 


11,836,261 


6,9P>4,869''4ail 8.119,077110.1102791 327 


155 


5,605,456 


2,720,208 


681. 984 


lofiwi.m 


ii.(i:{M,I2ii 4!(i 7fflHj,^S4 l<l,f>47:llll 327 


15S 


6,596,207 


2,493,277 

2,837,648 


482,222 


10,2:m\:'J' 


i'i'.:;.,,|-,; Ml s ti-tv.', !■ .-'M :J27 


156 


7,256,318 


313,981 


11.8;;:;.-.--' 


■ ■ .-; -V ..-.,,■. ,■.. ... ;)27 


155 


6,909,140 


2.757,839 


412,110 


10,;is;:,:-' 


■ ...■.; .':..■ -■■■-...■ :!27 


156 


8,147^ 


4,177,978 


631,753 


14,67:1,1-.' 


r'|"-'.|- (7- m. 71 _■>./.::■.-,., 1 ;)32 


160 


7,179,399 


5.144,044 


741,036 


14,842,766 


0382.422 !506 


!1.S11.1S6| 20.526500 827 


16» 


8,072,142 


5.965.818 


849,417 


16,841.807 


10.561,863 508 


12.635,796 21,720:506 327 


16S 


8,429,826 


6.404,709 


1.085,674 


18.054.351 


12.027.470:1539 


12.778,737' 24.096:5081 827 


155 


11,449,373 


7.169.6821.257.100 


22,93851118.195,2641907 


17,247.6821 55,851:932! 827 


167 


^^ J 



BEPORT OP GENERAL MANAGER. 



« B. GoWEK, Esq., Praidml 

Th& Philadflphia arut RauUiuj Railroad Company. 

I>EAH Sir: — I beg leave to submit the following report 
ud accompanying statements of the business of the Tnins- 
lortation Department for the year ending November 30th, 
883. 

The expenditure attending the operations of the depart- 
Inent has been ?9,o75,602.95, an increase of $2,404,219.44, 
iqual to 33^ per cent., as compared with that of the pre- 
l year. 

Although a portion of this increased expenditure has 

wen caused by the greater passenger and coal traffic of tlie 

Bines which were operated by the Company prior to the lease 

F the Central Railroad of New Jei-sey, and to the cost of 

'orking the Shamokin, Sunbury and Lewisburg Railroad 

%t five months from July 2d, 1883, and the Schuylkill and 

jehigh Rftitroail for seveu months from May 1st, 1S83, yet 

is principally due to operating, for six months, the 

/entral Railroad of New Jereey, and the several lea.sed lines 

l^orked in connection with it, which are hereinafter more 

rticularly specified. 

The coal tonnage carried during the year has been 
|tl,449,373 tons, an increase over that of 1882 of 3,019,547 
tons, equal to 35-^ per cent. 

The general merchandise tonnage has been 8,416,788 
ions, an increase of 92t),405 tons, equal to 12^ per cent. 



The number of passengers carried has been 18.195,264, 
an increase of 0,167,794, equal to 61-^ per cent. 

The total tonnage transported for the year, including 
weight of passengers, has been 22,938,311 tons, an increase 
of 4,883,960 tons, equal to 27-iV per cent. 

The number of tons of coal hauled one mile has been 
1,045,508,796, an increase of 366,467,624 tons, equal to 54 
percent.; and general merchandise tons hauled one mile 
has been 408,025,269 tons, an increase of 57,548,991 tons, 
equal to 16j\ per cent. 

The total number of tons liaulcd one mile, including 
weight of passengers, has been 1,600,955,817, an increase of 
475,249,163 tons, equal to 42^^ per cent. 

The number of passengers carried one mile has been 
235,293,176, an increase of 77,747,496, equal to 49^ per 
cent. 

The average distance traveled per passenger during the 
year has been 12^ miles, a decrease of ^ of a mile when 
compared with the previous year. 

The receipts for the year from the several branches of 
tratiic have been as follows : — 

From transportation of coal, Jl 3,988,413.24, an increase of 
$4,234,101. ]3, equal to 43^^ per cent. 

From transportation of general merchandise, $7,687,241.34, 
an increase of $1,379,174.95, equal to 21^ per cent. 

From transportation of passengers, $4,675,061.68, an in- 
crease of $1,532,867.37, equal to 48^ per cent. 

From transportation of United States mail, $68,113.10, an 
increase of $13,690.81, equal to 25^ per cent. 

Miscellaneous and shipping receipts, $1,857,107.92, an in- 
crease of $782,454.20, equal to 72-^ per cent. 

Making total receipts $28,275,937.28, an increase of 
$7,942,288.46, equal to 39^15 per cent. 

On May 29th, 1883, the Company acquired possession by 
lease of the Central Railroad of New Jersey, and by virtue 
of such lease has since that date operated that line with its 
several branches, as well as the Lehigh and Susquehanna 
Railroad and its branches and laterals, and the New Jersey 
Southern Railroad and Us several branches and extensions. 



65 

The Schuylkill and Lehigh Railroad has been operated 
under lease since May 1st, 1883. 

On July 2d, 1883, the Shamokin, Sunbury and Lewis- 
burg Railroad, extending from Shamokin to West Milton, 
was opened for business, and the amount of traffic passing 
over it has more than equaled that which was anticipated. 

On March 1st, 1883, all of the shops of the Company lo- 
cated at Reading, as well as all of the contained machinery 
and tools and their belongings, were leased to the Phila- 
delphia and Reading Coal and Iron Company, and since 
that date all operations at that point connected with the 
construction and repair of the locomotives and cars of the 
Company have been conducted by the Coal and Iron Com- 
pany. 

Three locomotives for passenger service were constructed 
by the Company at the Reading shops prior to the lease of 
these shops to the Coal and Iron Company ; fifteen others 
for passenger service were purchased from the Baldwin 
Locomotive Works during the year ; and twenty for pas- 
senger and yard service were purchased from the Coal and 
Iron Company, — all of these being to replace an equal num- 
ber of engines which were unfit for further service. 

In addition to these, sixteen " consolidation " locomotives 
for coal-train service, built by the Baldwin Locomotive 
Works for the Philadelphia and Reading Coal and Iron 
Company, have been placed upon the line during the year. 

The following statement shows the number of locomotives 
employed by the Company, and their condition at the close 
of the year : — 



In senrioe, in eood working order, . 

" "*' fair condition, . . . . 

In shop for general repairs, .... 

" ** replacement, 

Ont of aeryice for replacement, . . 

Totals, 



Dkscriptiom of Locomotivb. 



Passen- 
g«r. 



174 

19 

27 

1 

1 



222 



Coal. *°8- ;E»p'«»: ^ 



450 
29 
49 

10 



538 



119 


4 


747 


19 


• 


67 


4 


• • 


80 


• • 


• * 


1 


t • 


1 


12 


142 


5 


907 



The number and descriptioxi of new cars' complete 
ing the year is as follows: — 

10 twelve-wheeled parlor cars. 
300 eight-wheeled coal cars. 

1 " " house car. 

2 " " gondola care. 

1 " " crane car. 

2 " " tool care. 
7 four-wheeled cabin cars. 

Also, the following to replace similar c^ra, w^sfe S^S— - 
uaiit for further aorvicn: — "* - ■ ■ 



15 eight-wheeled passenger cara 



44 " 


' coal cars. 


82 " 


' gondola cars. 


47 " 


' house cars. 


4 " 


' oil can. 


1 " 


' wrecking car 



16 four-wheeled cabin cars. 



In addition to the above, there have been placed upon the 
line 300 eight-wheeled coal cars, built and owned by the Coal 
and Iron Company. 

All of the new coal and merchandise cars have a nominal 
capacity for carrying 40,000 pounds, although they are cap- 
able of transporting much greater loads if the character of 
the lading will permit. 

Six hundred and forty eight-wheeled coal cars of the old 
pattern have had their carrying capacity increased two and 
one-half tons each, by adding to the height of their bodies. 
There are now 4730 of these ears so enlarged, and their in- 
creased aggregate capacity is 11,825 tons per trip. 

The general average mileage of the coal and merchandise 
cars in use by the Company for the year has been 6338 
miles, and the average load per car has been twelve tons. 



67 

The number of cars in the service of the Company rated 
as eight- wheeled cars is as follows : — 



924 passenger and baggage cars. 
37,929 coal and freight cars. 

267 cars used in operating Transportation Department. 
577 " " " " Roadway Department. 

Making a total of 39,697 cars. 



The relative condition of the several classes of cars in use 
by the Company is shown as follows : — 



In servioey in good condition, 



" fair 



In shop for general repairs, 

" " slight ^* 
Out of service for replacement, 



Dkscription of Cabs. 



Total, 100 




The average cost of repairs to coal and freight cars, per 
ton carried 100 miles, has been: — 



Coal cars. 

For 1882, S^ cents. 

For 1883, 7A " 



Decrease, ^ ** 



Freight cart. 
13^ cents. 

13A " 



A " 



The average cost of repairs to passenger 
senger carried 100 miles, has been : — 



cars, per pas- 



Forl882, 17A cents. 

For 1883, 15A " 



Decrease, 2 



If 



The average coat of repairs of Iwoniotives, per 100 milt« 

run, has been : — 

Fur laea, « 23 

For 1883, • . 6 17 

Decre«sc, , . WW 

Tlie general average mileage of locomotives for the year 
has been 24,055 milee, and the general average number of 
locomotives in aerviceahle condition during the year has 
been equal to 87-^ per cent, of the whole number employed. 

Eighty-three per cent, of the main line coal tonnage of 
the year has been moved by locomotives using waste an- 
thracite for fuel. The following statement will show thi- 
cost of this fuel for thti year in tliat portion of the ser- 
vice, compared with that used by the older engines adapted 
to the use of ordinary prepared coal : — 



CHARACTER OF nrR«inrl edelirhl- ■" MrF*. fUel, luplu 
ENGINE ".rip.. ,l,«r3™n"'""„'«/^ J^""' 



Dalog ordiauy pre. , 

MMd uithraoite, . 1619 ' H3,22* ' 986,310 $35,660 iS 12jV «*■ 
Udng wtuite uithn- 

oite 8189 I 40B,512 4,ft63,723 S6,721 43 2^ " 



The average number of pounds of fuel used, and cost of 
same, on all lines of the Company, per lOO tons hauled one 
mile, including weight of passengers, has been as follows : — 



For 1883, 88 7A " 

Deoresse, 6 A " 

The Company has now in service 171 locomotives which 
are using waste anthracite exclusively, for fuel; the total 
quantity of which consumed for the year has been 180,106 
tons, resulting in a saving of $378,000 in that item of ex- 
■ penditure. 



69 

The greatly reduced cost of maintenance of these engines 
by reason of the lower temperature of the furnace, hereto- 
fore referred to, is fully borne out by the continued ex- 
perience with them. The first one constructed has com- 
pleted its seventh year of service, and yet no evidence of 
wear or deterioration of fire-sheets is apparent, although it 
has run 183,904 miles in coal and freight train service. 

The following statement, covering such of these engines 
as have run more than 120,000 miles, will serve to show 
the prolonged endurance resulting from the lower furnace 
temperature spoken of in a former report : — 



No. of Engine. 



When first used. 



122, I December, 1878, 

408, j January, 1877, 

118, ' November, 1879, 

113, October, 1879, . 

416, I February, 1880, 

88, September, 1877, 

60, March, 1878, . 

606, June, 1880, . . 

424 j February, 1880, 

420, I " 1880, 

414, 

80, 

419, 



1880, 
April, 1878, . . 
February, 1880, 

497, March, 1880, . 

72, February, 1880, 

809, March. 1881, . 

26, 1 May, 1879, . . 

411 i May. 1880, . . 

498, April, 1880, . . 

480, March, 1881, . 



Kind of Senrloe. 



Passenger train, 

Freight train, . 

Passenger train, 



t< 



ti 



Coal train, 



n 
it 



it 



Passenger train. 
Coal train, . 



(I 
(I 
(I 



If 
11 

n 
11 
II 



Freight train, 
Passenger train, 
Coal train, . 
Passenger train, 
Coal train, . 
Passenger train. 



Miles run to 

November 80th, 

1883. 



184,178 
183,904 
163,769 
163,614 
159,899 
140,514 
140,026 
137,811 
134,677 
134,490 
130,799 
129,268 
126,026 
124,427 
123,766 
123,630 
123,133 
122,131 
121,789 
121,762 



It is with pleasure that I again take occasion to refer 
to the promptness and regularity with which the work of 
the department has been performed during the year. So 
efficient and assiduous attention to the business of the Com- 
pany on the part of those connected with its service merits 
the warmest commendation. 

The report of the Chief Road-Master, which is herewith 
appended, is respectfully submitted, as showing continued 
improvement in the condition of the roadway and struct- 



3, made necessary by the increased weiglit of 
,-er employed, and the higher speed of train 



ace to the business of the canals of tlie Com- 
ive to submit the following: — 



ScHUVLKiLL Canal. 



The canal was opened for business on March 10th, 
LS closed on December 20th, No detention to trade, from 
ircity of water or other cause, occurred during the season. 
T s expense of maintaining and operating the canal for 
I year ending November 30th, 1883. has been «lf»5,826.82, 
ecrease of $7765.80, compared with the year previous, 
i'he work of building the new dam and appurtenances 
at Manayunk has progressed during the year, the new 
water-power feeders, as well as the eastern abutment and 
guard walls of the dam, having been completed. The total 
expenditure pertaining to this improvement since its com- 
mencement, in 1881, has been 135,441.84. 

■The coal tonnage passed during the year has been 
566,440 tons, an increase of 42,342 tons. The merchandise 
tonnage has been 104,075 tons, a decrease of 16,692 tons. 



Schuylkill Canal Transportation Like. 

The cost of operating the line for the year has been 
$286,317.67, an increase of $27,879.87, in comparison with 
the preceding year. The tonnage transported has been, of 
coal, 417,778 tons, an increase of 84,317 tons; and of mer- 
chandise, 5827 tons, a decrease of 13,231 tons. 

Four new barges were purchased during the year. The 
number of barges in service at the close of the year was 321. 

The number of mules in stock November 30th was 333. 
Eighty-five head were added by purchase during the year, 
twenty-one died, and twenty-seven were condemned and sold. 



.ifl 



71 
Susquehanna Canal. 

The canal was opened on April 2d, and was closed by ice 
on December 15th. 

The expense of its maintenance and operation for the 
year has been $49,770.90, an increase of $3110.11, when 
compared with that of the preceding year. 

The coal tonnage passed has been 287,815 tons, a decrease 
of 3011 tons. The merchandise tonnage has been 74,476 
tons, an increase of 13,551 tons. 

No serious interruption to traflBc occurred during the 
year, and the canal is in good condition throughout. 

Steam-Colliers. 

The following statement exhibits the results of the oper- 
ations of the Company's fleet of steam-colliers for the year : — 

Tonnage carried, coal, 531,403 tons. 

Receipts, $533,351 77 

Expenses, 353,506 38 

Net profit, 179,845 39 



Compared with the previous year, there is shown to have 
been a decrease of 43,528 tons in coal transported ; of $115,- 
138.24 in receipts ; of $23,435.81 in expenses ; and of $91,- 
702.43 in net profit. 

This disparity in the business of the year has been due to 
the prevailing low rates of freight, and to the absence from 
service of the steamer " Pottsville " for more than nine 
months, — that vessel having been stranded upon the New 
Jersey coast, near Lavallette, from January 9th until October 
29th, when it was successfully floated, and was found to have 
sustained so little damage as to be enabled to resume its 
regular trips on November 15th. 

The steamers of the line, numbering thirteen in all, are 
in general good condition, and will be fully prepared for the 
business of the ensuing year. 



^^^^^^^H ^^^^^^^^1 


^^H^^^efoUowmg table gives the nmnes, tonnage, «3c^«TO^^^n 


^^V of the ships comprisiiig the fleet: — 


H " ^t««^ '■ 


i^ ' t' 


.« 


TodaM. 


1 i_L 


L,_ 


1^; ' 
h i 

II 


11 


i 
1 


l| 1 1 1 


1 IKlltlBIDlk*, . 


WS.V BWJuM, i»a9 


3s' 17.S49 


85,000' WO. I4J.77J M8Mt 


3 (tanUDeilii.. . 


819.S9 M68«pt.. 1889 « »J.7-7i SS,»50 *« M7.IM , tTl.ilS 




Achillea, . . 


B71.M l.lWMaroh.lBTO' «: M.TS3 41,170 4!B WI.IWOm! «I,«J 






5!M.31| l.aUMlT. 1"0 1» 3^,716. S8.e«l 431 4SI faS ' 411.4s; 




?i'i^b.r, : 


52-I.Im' SZIAuk. 18T(1 44' M.liSlI 43,240| 441 MS.SM 1 4I1.«1« 




itHdJDg, . . 


Bins. i.fi.viAj.r 11171 s; 8i,«w. S6.iani ato oiB,a» 3is;w 




a»rrl.biirg, . 


HU - "Tl ■!! BB.aHS 31,990' 3*31 B4S.M9 i SU.UO 






»l" '1 - i II ^,364; U.WO !M 4n.SH )D!,SX 






^T'l., -1 11 J9,94Sl M,SW:, aS7 4M.SH m,T« 




Bertu 


;i7'-- -■ > 1 11 ™,im; 88,3«i: mo 204,4»bHi sw.-'md 


^^m " 




3i.,.,i, i.K,. -.,■!■! . I--1 :i; ai,s»w M.1M aw; 4Bt,i4ii ' >s4,«a 


^H » 


Altontown, . 


31LI..L. J.i;^l.,ijLl„ U7I Jl! SS,0;v *),gW 807, SOajBt 1 29UM 


■ " 


-"■""••■' 


»io.»» i,960|r>«., 1874 8^ g,nt s,ms mi m.o*s ', 2»m« 


K 




8TO.*»]i^«d| |«w|n],4i» 


44».soa 

St 


..U.,. I.,..- 


m 







Respectfully your 


1 



J. E. WOOTTEN, 

General Manager. 



73 
STATEMENT A. 

Tonna^ and Ihnaone mUt^ Paumgen, and P<utenffers one miUy for the year ending 
November SOth^ 188S, and Tonnage and Paeeengen oarried to date. 

Coal Tonnage — Tons of 2240 pounds. 

Paying jfreight :— ^ona. Cwt. Tons. Cwt 

Anthracite 10,268,429 10 

Bituminous, 419,102 19 

10,677,532 09 

Company's use : — 

Anthracite, 767,902 13 

Bituminous, 3,938 01 

771,840 14 

Total, 11,449,373 03 

Tons of Coal hauled one mile. 

Paying freight, 986,604,632 

Company's use, 60,527,400 

Total tons of coal hauled one mile, 1 1*037,032,032 

Merchandise Tonnage — Tons of 2000 pounds. 

Paying freight, 7,159,682 

Company's use, 1,257,106 

Total, 8,416,788 

Tons of Merchandise hauled one mile. 

Paying freight, 382,541,344 

Company's use, 25,483,925 

Total tons of merchandise hauled one mile, . . 408,025,269 
Total tonnage of road for year, including weight of 

passengers, in tons of 2000 pounds, 22,938,311 

Passenger Travel. 

Total number of passengers during year, 18,196,264 

" " " miles traveled by same, 235,293,176 

Tonnage and Passengers carried to date. 

May, 18S8, to November SOth, 1883. 

Coal tonnage, in tons of 2240 pounds, . ...... 147,532,681 

Total tonnage, including weight of passengers, in tons 

of 2000 pounds, 257,272,496 

Number of passengers 130,793,880 

t Ineladins 1,686.681 tons hauled one mile hj engines of other companies, and not includ- 
ing 10,018,440 tons nauled one mile h]r P. A R. engines over other roads. 



74 

STATEMENT B. 

Expaisea of Traiivporlation Department for the year ertding Xovemher 
SOtk, 18S3. 

RUNNING ACCOUNT. 
Wages of eogineers, conductors, fire- 
men, brakemen, plaue hands. &c., . . *3,100,782 76 

Wood, 11,032 cords, 29,881 86 

Loading, unloading, and cutting wood, 12,572 73 

Oil, 735,423 gallons 192,234 51 

Tallow, lard, grease, and cotton wiwte, . . 126,026 41 



If; Coal for locomotives and plane engines, 



I 



i 



I 



fi31,3o2tonB 1,132,615 58 

jensea of telegraph, 100,169 30 

.nping water, and siindriefi, 187,673 81 

«4.8«1.956 96 

WORKSHOP ACCOUNT. 
Repaire i>f 907 locomotive-enginea, . t973.686 44 
31,696 four-wheeled coal cars, ) o-\ci oo.i nc 
10,197 eight- '■ i. ■■ I > 

1,208 four- '■ mdse. " ) 

747 sis- ' f- 540,637 56 

■■ 10,986 eight- " " " \ 

"" " ^lOt'Ste. ■' ^^''"" \ ^6*^'29^ ^0 

" " machinery of all kinds at Ma- 
hanoy, Mine Hill, Big Mine 
Bun and Ashley Planes, . . 36.768 21 

" " atationary engines for pump- 
ing water, cutting wood, 
Ac, 4,799 03 

2,739,020 08 

DEPOT ACCOUNT. 

Wages of hands, $361,222 85 

" watchmen at depots, shops, Ac., 274,263 99 

" " " " signal-towers, . . 55,854 99 

Sundries, 138,936 85 

830,278 38 

SUPERINTENDENCE ACCOUNT. 

Salariesof all officers, clerks, agents, &c 819,772 65 

OFFICE ACCOUNT.* 

Stationery, printing, and sundries 126,725 53 

STEAMBOATS AND FERRIES. 
Expenses of steamboats and ferries to and from Sew 
York, 177,849 35 

»9.576.602 95 



75 
STATEMENT 0. 

MUea run by Engines, Thrain Mileage, Jcc, far year ending November 

30th, 1883, and Total Miles run by Engines, and Tons hauled one 

mile to date. 

Miles Run. 
EoADS. Total Miles. 

Main Line. 3,991,600 

Lateral railroads in SchaylkUl coal region, 2,253,453 

Lebanon Valley Branch, 738,066 

Chester Valley Branch, 64,737 

East Pennsylyania Branch, 377,050 

Colebrookdale Branch, 75,372 

Allentown Branch, 21,137 

Lebanon and Tremont Branch (south), 82,958 

" " " (north), 241,000 

Germantown and Norristown Branch, 969,062 

Pickering Valley Branch 23,714 

Schuylkul and Sas(|[uehanna Branch, 294,898 

Catawissa and Wilhamsport Branch, 680,033 

Philadelphia and Chester Branch, 51.678 

North Penn Branch 1,663,661 

Bound Brook Brancn. 471,245 

Schuylkill and Lehign Branch, 49,562 

New Jersey Central Division, 2,394,147 

New .Jersey Southern Division, 242,262 

Lehigh and Susquehanna Division, 1,501,650 

Shamokin, Snnbury, and Lewisburg Branch, 101,225 

In service of foreign railroads, 959,040 

Total, . 17,247,552 

Divided as Follows:— 

Transportation Department, 15,781,888 

Roadway " 357,170 

Shipping " 120,458 

Foreign railroads, Ac., 988,036 

Total, 17,247,552 

Total miles run by coal trains, 4,632,779 

" " ** freight trains, 3,219,438 

«i u u a passenger trains, ...... 4,497,269 

Total number of tons hauled one mile on Main 
Line and all branches, including weight of cars, 
but exclusive of engine and tender, 3,683,900,375 

Average weight of through loaded coal trains down, 

exclusive of engine and tender, 750.8 

Average weight of through empty coal trains up, 

exclusive of engine and tender, 249.4 

Average weight of through passenger trains, ex- 
clusive of engine and tender, 91 .2 

All in tons of 2000 pounds. 

Total miles run by all engines owned and used by 

the Company, from May, 1838, to November 

30th, 1883, .• • • • • 189,835,821 

Total number of tons hauled one mile, between 

same dates, 40,301,425,251 



STATEMENT D. 

Eqnipinejil, Mvember SOlh, I88S. 

Number and Cosdition of Locomotiv^e-Engines. 



In Mrvioe, in Pip^ working order,' 

" " " air coudilioii, ■ ■ ■ I 
" shop, for general repairs, ' - - 
" ■' " replictment, . . . . 
rice, for replacement, . 



Ontof M 




Coal Caks. 
EigUt-wlieeled iroo coal cans, 

" wooden coal c; 

Four-wheeled iron coal c 

" wooden coal care, 30,679 

Total 4 



Freight Cabs. 

Sixteen- wheeled platform gun car. 



1 



Eight-wheeled house cars, 4,196 

cattle care, 329 

gondola cars, 5,844 

lime cars, 221 

ore cars, 29 



Six- wheeled lime cars. 



Hand and or 
stone care, 
lime care. 



47 



Carried forward. 



12,475 
54,368 



I« 
It 
(( 



77 

Brought forward, 54,368 

Passenger Cabs. 

Twelve-wheeled parlor cars, 10 

Eigh^wheeled " 9 ^ 

passenger cars, 778 

baggage cars, 105 

mail and baggage cars, 15 

Four-wheeled passenger cars, 5 

Total, 922 

Steamboats, 3 

Ferry boats, 5 

Steam-tugs, 4 

Car-floats, 10 

In addition to the above, the following are used in 
the management of the road : — 

Transportation Department. 

Eight-wheeled house cars, for wreck trains, .... 20 

gondola cars, with cranes, 25 

crate cars, for sawed wood, 2 

cabin car, for signalmen 20 

Four-wheeled house cars, for wreck trains, 5 

open cars, for cord- wood, 57 

" " " depot fuel, Ac, .... 3 

dump cars, 47 

cabin cars, for signalmen, 286 

sweeping cars, for cleaning snow from 

tracks, 2 

Total, 467 

Stationary steam-engines, for workshops, pumping, 

sawing wood, Ac, 97 

Snow-plows, 31 

Carts, wagons, and drays, for freight and materials, . 39 

Express wagons, 108 

Horses and mules, at Philadelphia and elsewhere, . . 112 

Express horses, 170 

Extra tenders for locomotives, 27 



« 
it 



u 
(I 
n 
(I 



Carried forward, 56,767 



78 

BroD^tftHwd, 

BOADVAT DMPAIOVMn'. 

Eight-wheeled hooae con, 80 

" gond<Jk ottB, 106 

Four-wheeled gmidoU can, ■ • 26 

" lime can, 3 

" stone can 63 

" house, crane, and scale-tot can, . . 18 

" dump can, 771 

Total, 1,«U 

fitadonarjr enpiuB, 3 

Portable euffum, 4 

" pumps, 9 

Steam pile-drivers, 2 

Lamber and stone tmclu, 16 

CartB, 8 

Btone-cnishers, . - 7 

Dredging- machine, 1 

Scowaand akifiB, 25 

Steam-driJU, 2 

Horse, 1 

Wagon, 1 

Camal Departuent. 

Steam-tugs, ... . 3 

" wrecking boate, 3 

Barges owned and niu by Company, 321 

" leased to individuals, 44 

Dredging-macbines, 4 

Dredge, repair, and boarding scows, ..... 50 

Packet boata 2 

Flat boaU, 5 

Skiffi, 40 

Horses and mulea, 335 

Carts and wagons, 42 

Lumber trucks 2 

Carried forward, 56,776 



79 



Brought forward, 



66,775 



Steam-Collier and Shipping Departments. 



Steam-colliers, 

" tugs, . . 
Schooners, . . . 
Barges, .... 
Horses, .... 
Carts and wagons, 



13 

2 

2 

61 

16 

6 



Total number of cars, -< 



16-wheeled, 
12 

8 

6 

L 4 



(( 



t( 



(t 



it 



1 

10 

22,225 

747 

33,792 



Total, 



56,775 



Out of Service, to be replaced, included in above. 



Not. 30th, Not. 30th, 
1882. 1888. 



Incremse. 




Engines. 

Eignt-wneeled cars, 
Six " " 

Four " " 



The above does not include 1149 four-wheeled iron coal cars out 
of service, to be replaced by other kinds of cars. 



Decrease. 



CAR TRUST ROLLING STOCK INCLUDED IN ABOVE. 

Locomotive-Engines. 

Passenger, 14 

Freight and coal, 96 

Shifting, 19 



Total, 



129 



Coal Cars. 

Eight- wheeled wooden coal cars, 1,950 

Four-wheeled " " * . . . . 9,760 



Total, 



11,700 



80 
Freight Cars. 

Eight -wheeled house care, 1,741 

" cattle cars, . 150 

" gondola cars, 2,605 

" oil ears 249 

Six-wheeled ore cars, 250 



Total, . 



Pasaenger Cars. 



L 



Eight-wheeled passenger cars, 104 

" baggage cars, 6 

Total, 

Used in the managemcot of the road ; — 

Transportation Depahtmemt, 

Eigii [-wheeled gondola car, with cranes, I 

" cabin car, for signalmeD, 1 

Four-wheeled cabin cars, " .... 29 

Total, 

Tender for locomotive- engine, 1 

Snow-plowB, 3 

Roadway Department. 

Eight-wheeled cabin car, for signalmen, 1 

" bunk car, 1 

Four-wheeled dump cars, 16 

" Btone derrick car, I 

Total, 



1 



81 



STATEMENT E. 

Points of Supply of Anthracite and Biiuminoua Coal on The PhUor 
delphia and Reading Railroad and Branches for the year ending 
November 30th, 1883, 



Received fromSchuy'l Valley Branch 66,034.07 

Mill Creek Branch 77,027.19 

Mahanoy and Shamo- 

kin Branch.. 2,099,668.16 






U 



Total at Port Carbon 

Received from Mount Carbon Branch, at Mount 

Carbon 

Mine Hill and Schuylkill Haven 

Branch, at Schuylkill Haven 

Lebanon and Tremont Branch, at 

Pine Grove 

Little Schuylkill Branch, at Tama- 



tt 



it 



u 



It 



ti 



n 



iC 



(t 



Qua. 
eniel 



(( 



II 



Lehigh and Susquehanna Division, 

at Mauch Chunk 

Shamokin, &c 

Passing over laterals for shipment by Schuylkill 

Canal 

Shipped east via Lehigh Valley Railroad and 
L^nigh and Susquehanna Division | 102,681.05 



Paying 
Freight. 



Commmy's 



2,242,731.02316,080.11 

i 
47,129.02i 1,633.11 

i 
1,597,828.011138,670.04 

763,408.08j 8,686.13 

813,570.11106,810.15 



2,691,317.04 166,813.03 
683,919.14 29,207.16 

564,181.16 



Consumed on laterals 

Anthracite received from connecting railroads. 

Bituminous received from connecting railroads 



Total paying freight.. 

" for Company's use. 



Total of all, tons of 2240 pounds. 



94,860.01 > 
656,802.061 
419,102.19' 3,938.01 



771,840.14 



10,677,532.09 
771,840.14 



11,449,373.03, 



^H^ STATEMENT F. 

^^K Descripiion of Tonnage transported over The Philadelphia and Read- 

^^H ing Sailroad during year etidinff Nawmber SOlh, 18SS. 


^^H DESCKIFTION. 


MOO pound.. 

11,489,441 

469^ 

Sfl0,794 

6(6,279 

178,185 

652,481 

1,066,561 

25,741 

1.025,797 

1,294,061 1 












^^2 other iron or oastingB 












so.iag 



Lumber. 

Other articles and express goods 

Total [laying freight 

Company's Materials. 

Mert-haiidise l,25r,]06 

AnthrHcitti uoaJ 8St ' 

Bituminous coal 4,411 

Total. 



2,121^ 
21,240,086 



83 



CHIEF ROAD-MASTER'S REPORT. 



Philadelphia, January 9th, 1884. 

J. E. WooTTEN, Esq., General Manager. 

Dear Sir : — I beg leave to submit the usual annual state- 
ment of the expenditures in the Roadway Department for 
the year ending November 30th, 1883 : — 

Roadway expenses for 1882, . . $2,006,632 70 

" 1883, . . 2,344,601 05 

Increase, $337,968 35 

Renewal of rails for 1882, . . . $597,835 62 

" " 1883, . . . 405,587 57 

Decrease, 192,248 05 

Total increase, $145,720 30 



The increased expenditure is due to the maintenance 
of roads added by lease during the year ; viz., the Shamo- 
kin, Sunbury, and Lewisburg Railroad, the Schuylkill and 
Lehigh Railroad, and the Central Railroad of New Jersey and 
its leased lines, making an aggregate of 594.5 miles of 
railroad, or 1044 miles of single track. 

The cost of maintaining these additional roads, which is 
included in the total cost of repairs above given, has been 
$621,158.96, of which $50,723.36 was for renewal of rails. 



84 

The two Bhike crushera at Hopewell have beeu aban- 
doned, and an improved crusher built and erected by " The 
Gates Iron Works," of Chicago, doubling the supply at this 
quarry. It is proposed to erect two more during the coming 
year. 

The following statement shows the total number of miles 
of steel rails in track November 30tb, 1883, and the ii 
during the year: — 

Total number of miles now in charge of tiiis department,. . 

Total numbef of miles in old territory, Nov, 30th, 18SS, 383 i 
TolHl nnmber of milee in C. R. K. of N. J. and leaBcd 
lines, prior Co Uaie, 432 

ictiidiitg 31.7 milei) 



To insure greater security to the passage of trains, there 
has lately been placed an interlocking switch system at Six- 
teenth Street Junction of the Norristown and Germantown 
Branches and at Tabor Junction. The one lately put down 
at the cnissiiij; of the Eawton aud Amboy Branch of llic Le- 
high Valley Railroad with the New York Branch, west of 
Bound Brook, was placed there conjointly by the two com- 



I would suggest that an interlocking system be adopted 
at the Junction at Jenkintown Station. The one now at 
Wayne Junction proves satisfactory. 

The old stub switch is being gradually replaced by the 
Lorenz switch, improving the tracks materially. Consider- 
able advance in this direction has been made in the past 
year. 

Appended to this report will be found a table showing 
the extent of railroads in charge of my department on the 
30th of November, 1883 . 

In conclusion, it is gratifying to report that the tracks and 
I in excellent condition. 

Yours truly, 

H. K. NICHOLS, 
Chief Road-MoMtr. 



MUeoffe of Boadt ownoef, hated, and eorUroUed. 



H KAME OF BOAD. 


TiSIt 


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i 



P REPORT OP OHIEP ENGINEER. 
Gbnesai. OfFicK, 227 Sotttr Foubtr Stheet, 

PtiiLADBLi-iiit, Junuary lOth, 1R8*. 

lASKMN B. GowEN, Esq., President. 

Dear Sir: — I beg to submit herewith a report of the 
operations of the Engineering Department of this Company 
ioT the year ending November Sflth, 1883. 

For the increasing traffic on the road, both passenger 
and freight, it has been found necesj^ary to make additions 
siding-room, to freight-house facilities, and to depots 
in general. 

A new outlet for coal, passengers, and freight to the West 
has been obtained by the construction of the Shamotin, 
Sunbury, and Lewisburg Railroad, which was finished on 
May Slst last. The extension of the Catawissa Railroad, in 
the city of Williamsport, completed at the same time, con- 
necting with the Jersey Shore, Pine Creek and Buffalo Rail- 
way, has finished the last link in this new line. 

The acquisition of the Central Railroad of New Jersey, 
with its branches, has extended our field of operations con- 
siderably, and many new structures have been completed 
during the past year or are under way. 

A short branch was built at Milton, from the Catawissa 
and Williamsport Branch, which gives better access to the 
business portion of the town, and connects with the tracks 
at Messrs. Murray, Dougal & Co.'s car works. Several 
sidings were laid on this branch, and it bids fair to become 
an important addition to our system in that region. 



^K Phi 



On the New Jersey Southern Division, on th^^uSSc 
coast opposite the Highlands, jetty piers were built for the 
protection of the track, and thus far seem likely to prevent 
the washing of banks, which has so seriously interfered 
with that part of the road in the past. 

On the Lehigh and Susquehanna Division an extension 
of the Nanticoke Branch from Wanamie to West End Col- 
liery of the Mocanaqua Coal Company, a distance of four 
and one-half miles, was put under way, and together with 
the necessary sidings at the breaker will be ready for use 
early in the coming spring. 

Between Mauch Chunk and Allentown work has been 
done at various points in extending the double track by 
connecting lay-off sidings, and building short pieces where 
needed, thus increasing the double track between three and 
one-half and four miles. 

During the latter part of the summer a coal-dump, with 
tracks thereto, was built at Reading, for the purpose of 
storing buckwheat coal for engine use. At present it is 
capable of holding 60,000 tons, and likely to meet all 
future requirements. 

In the early part of the year the American Shipbuild- 
ing Company took charge of our ship-yard at Port Rich- 
mond, and after many important changes were made in 
the grounds, tracks, &c., the business of shipbuilding 
was started, and several large vessels have already been 
launched. A large amount of new machinery was pur- 
ehased for this yard. 

A " Y " track, connecting the main line of Jjebauon Valley 
Branch and Cornwall Railroad at Lebanon, has been com- 
pleted, which enables the latter to run their cars into our 
depot direct. A " Y " track has also been built at Taraaqua, 
connecting the Greenwood Branch and main line of the 
Little Schuylkill Railroad. 

The Bayway Extension of the Elizabethport and Perth 
Amboy Branch was extended about three thousand feet to 
manufactories south of Elizabethport. 

The bridge at Swedes Ford, connecting the Main Line with 
Philadelphia, Gerniantown and N'orristown Branch, which 



s destroyed by fire on the night of March 18th last, was 

aced by a temporary trestle, which was completed witliin 

ir days. A new wooden bridge, to take the place of tliat 

irned down, was commenced in August, and is now in 

iBe; the tirst train passing over it on December 24th, 18S3. 

New engine-houses were built at Newberry, on Catawissa 

id Williamspovt Branch, and at Lebanon, on Lebanon 

'alley Branch. 

Darmg the past year faandaome and comiDodioua paagen- 

r statiosB have been erected at Giaver'a, oa Cheetirai Hill 

■anch; Tioga, on Germantowa and Non^town Bnunch; 

inezet, Bethayrea, and Somerton, on New Toi^ Stanch; 

-ardville, on Mabanoy and ShanK^in Braat^; Hnnqr, 

and Maynard Street, Wiiliamsport, Catawiasa and Williams- 

■t Branch; Zjewisbnrg, Sunbory, Pazinoa, and Winfield, 

uu Shamokin, Sanbury and Levisbuig Branch; and Belle- 

' Tue, on Kew Jersey Southern Division. 

New fireigbt-hooBes were bnUt at Wayne Junction, Qee- 
mantown and Norristown Branch; Bethayree and Somer- 
ton, on New York Branch; and at West Milton, on Catawissa 
and Wiiliamsport Branch. A restaurant was also built at 
Wayne Junction. 

Among the numerous sidings constructed, the following 
are the most important: — 

At Broad Street Depot, Pencoyd, West Falls, Bridgeport, 
and Reading, on Main Line; Philadelphia, Wayne Junc- 
tion, Graver's, and Norristown, on Philadelphia, German- 
town and Norristown Railroad ; at Chester, on Philadelphia 
and Chester Branch ; Kimberton, on Pickering Valley 
Branch ; Jenkintown, Lansdale, Hatfield, Sellersville, Ore- 
land, and Gwynedd, on Bethlehem Branch; Trenton, on 
Trenton Branch ; Harrisburg, on Steelton Branch ; Shamo- 
kin, Greenback, Monitor, and Excelsior Collieries, on Maha- 
noy and Shamokin Branch ; and at Newberry, on Catawissa 
and Wiiliamsport Branch; and different points on Shamo- 
kin, Sunbury and Lewisburg Branch. 

Very truly yours, 

W. LORENZ, 

Chief Engineer. 



THE PHILADELPHIA AND READING 
COAL AND IRON COMPANY. 



STATEMENT OF 



General Income. 



GENERAL BALANCE-SHEET. 



REPORTS OF THE 



GENERAL MANAGER, 



AND 



Superintendent of Rolling-Mill, 



WITH ACCOMPANYING 



STATEMENTS 



For the year ending November 30th, 1883. 







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BALANCE 
The Philadelphia and Reading Coal and 



DcBDia tE*a 1^ 



ITAI. ACOOOSTTS: i 
ill, and atJHi propir- 



IJW,«1I M) 



IbTtbeCompan!'. 



-L«,Mi,»g n 



I 



id bondii owned ^ylheCampai 
■ndmnteriilaaDliiind,. . . 

■ndaiililppingiiDliiuisbsilMt,: 

ind It jBrdiBoddcpota, is^SU.': 



'. , 477;<M Ml 
<T, 1178,470 sJ 

. . I i,4m,TM so' 

. I U,40S TO 

. { mv.sM « 

1>S,1II1 II 



4a,n>iT 

PAT" 



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:rh«)l,tM Wit 14^M4 llflJllUll « 
\ ^vi.mJ, 



93 



SHEET. 

Iron Company, November SOth, 188S, 



Cr. 



CAFITAIi ACCOUNTS: 

Pnrehase-money mortgage bonds on de- 
tached properties :— 

1872-1892, 

1872-1902, 

1878-1893 

1874-1884, 

1874-1894, 

1882-1892, 

1889-1888 

Bofids and mortgages on real estate, . . . 

Locust Dale Coal Company's extended 

loan, due in 1886, 

Bond and mortgage held by The Phila- 
delphia and Reading Railroad Com- 
pany, dated July 1st, 1874, 

Bond and mortgage held by The Phila- 
delphia and KMding Railroad Com- 
pany, dated December 28th, 1876, . . . . 

Debenture bonds, 1872-1892, 

CapiUl stock, 

IiIABILITOSS : 

BiUa payable and loans, 

BeeelTers' certificates for supplies and 

materials, 

Acceptances for wages, 

Floating debt, 

Current business debts, 

Wages and material bills, 

Uncollected coupons and interest on 
registered lonns, 

Phlladelobiaand Reading Railroad Com- 
pany's loan account, 



$9,633,000 00 
150,000 00 
286,000 00 
209,000 00 
1,240,000 00 
412,000 00 
270,000 00 



8690,988 08 
156,000 00 

$29,737,965 53 
10,000,000 00 



$12,200,000 00 



846,988 08 



$242,191 66 



416,000 00 



$781,940 04 
971,743 42 

99,957 50 



89,737,965 53 
1,152,000 00 
8,000,000 00 



Duanro Year 1883. 



Increase. 



Decrease. 



$658,191 66 



161,936,958 61 



1,808,640 96 



2,461,832 62 



14,292,450 62 



$41,000 00 



593,326 13 
279,110 08 



7,196,223 65 



$147,000 00 



87,048 54 



579.000 00 



288,117 02 
552,246 01 



1.679,520 60 



REPORT OF GENERAL MANAGER. 

T&B Pbilasblpria akd Reading Coal ahd Ibon Co.. 
PoTTBviLLE, Pa., Deoenber lit, 1883. 

Franklin B. Gowen, Esq., President. 

Dear Sir: — The following report of the operations of 
the Department of Mines of the Philadelphia and Heading 
Coal and Iron Company for the year ending November 
30th, 1883, is respectfully submitted:— 

There are on the lands owned and controlled by this 
Company seventy-four (74) collieries, exclusive of the small 
operations. Of this number forty-seven (47) have been 
worked during the year by this Company, nineteen (19) 
have been leased to other parties, and eight (8) have been 
temporarily idle or undergoing repairs. This Company 
has also worked twelve (12) leased from the owners of other 
lands. We have acquired during the year six (6) collieries; 
viz., Eagle and Locust Gap, on lands owned and controlled 
by this Company; also, Buck Kidge, Peerless, East Bear 
Ridge, and West Bear Ridge, on leased lands. The leases 
on four collieries on the lands of this Company terminate 
on January 1st, 1884; viz., Kalmia, Lincoln, Rausch Creek, 
and Suffolk collieries, and these will be worked by the 
Company during the coming year. 

The following figures show the tonnage for the year: — 
Mined by the Company from lands owned 

and controlled, 3,668,754.19 

Mined by the Company from other lands, . 913,912.07 



Total tonnage mined by the Company, , 4,582,667.06 
Mined by tenants from lands 

owned by the Company, . 1,133,529.18 
Mined by tenants from lands 

controlled by the Company, 357,934.12 



1,491,464.10 



Total tonnage, 



The tonnage mined by this Company shows an increase 

of 470,837 tons over the shipments of tlie previous year, 
and is equal to 20,150 tons per day for each full day 
worked. The shipments for the month of October reached 
535,841 tons, or 76,046 tons greater than any previous 
month, and equal to 21,100 tons for each full day worked. 

Mining was suspended by agreement during fifty-one 
working days of the past year. If full time had been 
worked the shipments from the collieries worked by this 
Company would probably have reached 5,400,000 tons. 
The collieries operated by this Company are in excellent 
condition, and are prepared to ship 5,800,000 tons during 
the coming year provided they are worked continuously. 
All preparatory and dead work, such as gangways, chutes, 
headings, air-ways, tunnels, cut coal, &c., and also the out- 
side improvements, breakers, and machinery, are well ad- 
vanced, and are equal to any anticipated requirements. 

The sum of $784,879.47 has been expended during the 
year upon improvements, such as breakers, machinery, 
slopes, tunnels, additional dead work, and equipmente at the 
several collieries. This amount is equal to seventeen cents 
per ton upon the shipments of the year. Our collieries 
have worked 227^^ full days in 1883, as compared with 
205W days in 1882; 198A days in 1881; 173^ days in 
1880; 243^ days in 1879; and 167^^ days in 1878. 

The cost per ton for raining coal in 1883 is tlAO^ cents, 
and was $1.47^ cents in 1882, and $IA0^ cents in 1881, 
and ilA3^ cents in 1880. 

The iron-ore mines have been idle during the year, ex- 
cept! ng the Cumberland ore-banks, which have been worked 
I6fJJ days. 

The Pottsville shops have produced during the year: — 
I 11,649,036 pounds of iron castings. 
2,492,701 " " forgings. 

558,128 " " boiler work. 

(9,343 " brass and gun-metal castings. 

164 new steam-boilers. 
535 new mine cars. 
32 new gunboats and mine cages. 




9G 

At the Reading shops important changes and improve- 
ments are being made, which will insure greater economy 
and an increased production. These shops have produced 
during the past year: — 
27,601,316 pounds of iron castings. 
3,119,836 " " forginga. 
433,934 " brass castings. 

212,299 " white-metal castings. 

23 locomotives built. 
L 330 " repaired. 

I 10 twelve- wheeled parlor cars built. 

I 16 eight-wheeled passenger cars built. 

I 644 " coal cars built. 

I 145 " merchandise cars built. 

I 23 four-wheeled merchandise cars built. 

350 eiglit-wheeled passenger cars repaired. 
4,196 " merchandise cars repaired. 

L 1 six-wheeled merchandise car repaired. 

p 326 four-wheeled merchandise cars repaired. 

• 579 eight-wheeled coal cars repaired. 
345 four-wheeled coal cars repaired. 



Very Respectfully, 



S. B. WHITING, 

General Manager. 



STATEMENT A. 

mrtage from CoUieria lyperattd by the Philadelphia and Beading 

Coal and Iron Company, 



MAMI or COLLiaXY. 



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m[im n| «>i3« is: loiiiw ob «!on it 



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m»\* IT n,ii3 17 »,iitt OB 

uoiin 07 n.MB o» vim* ts iia,a7s 

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9^109 04 40,714 10 lC,a;i OO 41,0fiT 

Bi.ui IS. 4a,na6 t7. m.»4B as u.bm 

mUM 07 81.«M II M.TM 10, Bt.lT4 

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ra,WT »■ 0,783 17 

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"■""■■ ""-—•- "• 4tJ|« I 

71,940 

.. .. 44JW0 

1,40* osi u,»oa 04. 7ijm i 

— ■"■'"" ■■-"- ~!' t3«.488l> 



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^bOemetd mnring 



STATEMENT D. I 

ISbOemetd mnring the Cost per Ton of Iron On at Aipping pimi, 
not including royally, for ten years, to November SOlh, I88S, 



Shlpiilsg PbEdL 





36.096 17 

70,998 13 
36,407 08 


t65,T&4 6D 

110,007 59 
54,356 42 








1876[Bl.T«nniDnUi.) 


1 495 






43,675 48 
37,685 35 
20,242 58 










1879 


6,615 06 


3 06 


1880. 


29,568 12 


47,763 08 


1 61.5 






24,257 35 












]3,990 00 


10,489 47 










294.062 04 


$438,460 53 


1481 







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Disbureements :— 
Paid 1867 contributors 

injuries received 

Paid families of 64 contr 

tors killed 






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9 I 
S3 



n 



REPORT OP THE SUPERINTENDENT OP 
ROLUNG-MILL. 



fEANKLiN B. GowEN, Esq., President. 

Dear Sir : — Herewith is respectfully submitted the au- 
■ual statement from the rolling-mill, showing the opera- 
Ions, expenditures, &c. for the year ending November 30th, 
!3, completing its sixteenth year. 
The product consisted of 10,3235^ tons iron rails, ll,842J-g 
■ns of steel rails, 1096^ tons splice-plates and bolts, 884^ 
i steel crop ends, and IITOJ^ tons muck bars sold, or a 
total merchantable production of 25,318i^|j gross tons. 
With the exception of a very few tons, this entire product 
t rails and joints was used by the Philadelphia and Read- 
ng Railroad and its branrhes. 
With old rails at an average cost during the year of $24.72 
f per ton, and pig iron and old car-wheels at $18.48 per ton, 
1, the cost of the new iron rails was J39 62 per ton, or for the 
re-rolling $14.90 per ton. 
With steel blooms at $34.73 per ton at the mill, the cost 
Iflf new steel rails was $43.18 per ton. 

Owing to the lack of demand tor rails, the mill was stopped 
^203 days, or nearly one-third of the working days of the 
■ year; this increased considerably the cost of both the new 
iron and steel rails and reduced the profits. 

The profits were still fnrther diminished by the stock of 

rails carried over from last year at $42.22 per ton, being 

placed in the inventory at the close of this year at $35 per ton. 

The furnaces and machinery have been well maintained 

during the year, and are now in excellent condition. 

The usual report is appended, showing the wear of the 
"P. & R." iron rails in the tracks of the Philadelphia and 
Reading Railroad. 

Very Respectfully, 

W. E. C. COXE, 
Superintmdcnt of Roliing-Mill. 




107 



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LEASE AND CONTRACT 



BETWEEN 



The Central Railroad Company 

of New Jersey 



AND 



The Philadelphia & Reading 

Railroad Company. 



[)t)CTeaS The railroad of The Central Railroad i 

if New Jersey and that of The Philadelphia and 
lading Railroad Company are connected with each other 
|by means of intervening railroads leased to and operated 
Bjy the said The Philadelphia and Reading Railroad Cora- 
rpany, thus forming a continuous Hne from the city of Phil- 
adelphia, in the State of Pennsylvania, to Jersey City, in 
the State of New Jersey, and thence, by means of ferry- 
boats, to the city of New York : and tlie said companies, in 
pursuance of the laws of the States of Pennsylvania and 
New Jersey, in such cases made and provided, and of every 
-other power and authority them in that respect enabling, 
"lave agreed that the railroad of the said The Central Rail- 
Kid Company of New Jersey shall be leased to The Phila- 
delphia and Reading Railroad Company, and shall be run, 
sed and operated by the latter company, upon the terms 
nd conditions hereinafter set forth: — 



ffOU) tl)iS 3nbcntUrf, Made this twenty-ninth .lay 

fof May, A, D, 1S.S3, by and between «!]« Ccntrol Hoiltooa 

(CoDtiiang of iSeV) Jcrscp, hereinafter ctilled the party of 

the first part, and 31)^ pi)ilailelpliia anb UeaDing RailrQ(i& 

QToinpans, hereinafter called the parly of the second part, 

UJltUCSSCtl) That for antl in consideration of the cov- 
enants and agreements of the party of the second part here- 
lafter contained, and of the sum of one dollar ($1) to the 
irty of the first part in hand paid by the party of the second 
part, the receipt whereof is hereby acknowledged, the party 
of the first part doth hereby let and demise to the party of 
the second part, ite successors and assigns, the entire rail- 
,Xoad of the party of the first part, as the same is now lo- 
,ted and constructed, or as the same may be hereafter 
ted and constructed, in pursuance of any and every 
,wful authority now existing, or which may hereafter 
ist: Together with all its right, title and intvrvst of every 
ail) 



description whatsoever, in and to the following described 
railroads, whether owned or acquired by virtue of any 
lease, contract, or otherwise, viz.: The main line extending 
from Jersey City, in the State of New Jersey, to Phillips- 
burg, in the same State, a distance of about seventy-two 
and three-tenths miles ; the Newark Branch, extending 
from Coramunipaw to Newark, a distance of about six and 
twenty -two-hundrpdtha miles; the Newark and Elizabeth 
Branch, extending from Elizahethport to Brills, a distance 
of about five and four-tenths miles ; the Elizahethport 
Loop Branch, extending from Elizabeth to Elizabethpori, a 
distance of about three miles; the Elizahethport and Perth 
Amboy Branch, extending from Elizubethport to Perth 
Amboy, a distance of about twelve and aixteen-hun- 
dredths miles, with the Bayway extension, about eighty- 
two hundredths uf a mile in length; the Manufacturers' 
Railroad, extending from Brills to the Passaic river, a dis- 
tance of about one and five-tenths miles; tlie Constable's 
Hook Railroad, extending from Centreville to Constable's 
Honk, a distance of about one and ninety-soven-huudredths 
miles ; the High Bridge Railroad, extending from High 
Bridge to German Valley, a distance of about eleven and 
seventy -two -hundredths miles, with the Chester Branch 
Railroad and extension, about seven and twenty-five-hun- 
dredths miles in length ; the Longwood Valley Railroad, 
extending from German Valley to Port Oram, a distance of 
about thirteen and twenty-six-hundredths miles ; the Lake 
Hopatcong Railroad, extending from Kenvil to Nolan's 
Point, a distance of about five and five-tenths miles ; the 
Dover and Rockaway Railroad, extending from Port Oram 
to Rockaway, a distance of about four and nine-tenths 
miles; the Ogden Mine Railroad, extending from C^- 
den Mine to Nolan's Point, a distance of about ten 
miles, with the Ogden Mine Branch, about three miles 
in length ; the South Branch Railroad, extending from 
Somerville to Flemington, a distance of about fifteen and 
eight-tenths miles ; the New York and Long Branch 
Railroad, extending from Perth Amboy to Bay Head, a dis- 
tance of about thirty-eight and four-hundredtha miles ; the 
New Jersey Southern Railroad, extending from Sandy Hook 



L 



us. 

to Ateo, ft distance of aboi:t seventy-eight and sev<*nty-foar- 
hnndredths miles (inclurlinp; abnut eleven miles formerly 
known as the Long Branch and Sea Shore Railroad), with 
the branch from Eatontown to Port Monmouth, about nine 
and fifty-three-hiindredths miles in length ; the Tom's River 
Railroad, extending from Manchester to Tom's River, a dis- 
tance of about seven and forty-eight-hundredths miles; the 
West End Railroad, extending from East Long Branch to 
West End, a distance of abont one and seven ty-three-huu - 
dredlhs miles ; the Tom's River and Waretown liailroad, 
extending from Tom's River to Barnegat, a distance of about 
fourteen and eighty-three-hundredtha miles; the Vineland 
Railway, extending from Atsion to Bayside, a distance of 
about forty-six and thirty-one-hundredtlis miles ; the Le- 
high and Susquehanna Railroad, extending from Phillips- 
burg aforesaid to Union Junction, in the State of Pennsyl- 
vania, a distance of about one hundred and five miles, 
whicii includes the bridge across the Delaware river at 
Phillipsburg; the Nanticoke Railroad, extending from 
Ashley to the Newport mines, a distance of about eight and 
one-half miles, with a branch to the Lee mines, about two 
railes in length, and an extension from Ashley to Gardner's 
switch, a distance of about four and one half miles, and an 
extension from Union Junction to the Everhart mines, a 
distance of about three miles, and from Mill Creek to the 
Enterprise mines, a distance of about four miles; the 
Nescopec Branch, extending from White Haven to Upper 
Lehigh, a distance of about nine miles ; the Nesquehoniiig 
Valley Railroad, extending from Nesquehoning Junction to 
Tamanend, where it connects with the Calawissa Railroad 
(now leased to and operated by the party hereto of the 
second part), a distance of about sixteen and one-half miles : 
the Tresckow Braneli Railroad, extending from Silver Brook 
to Audenried, a distance of about seven and two-tenths 
miles; the Coplay Branch. extending from Laubach Station 
to the premises of the Thomas Iron ('ompany,a distance of 
about one mile ; the Branch from Bethlelicra across the Le- 
high river to South Bethlehem, where it connects with the 
North Pennsylvania Railroad (now leased to and operated 
by the party hereto of the second part), a distance of about 



I 



.fed and twenty-eight feet ; the inclined planes 

1 io Solomon's Gap Station, a distance of about 

ce ncluding all the machinery connected there- 

ih}; -ifton Branch Kailroad, extending from Drif- 

n toi> n Junction, a distance of about two-tenths miles; 

i Po ?ek Branch Railroad, extending from Sandy 

1 to icopec, a distance of about two and five-tenths 

is; theL ligh and Lackawanna Railroad, extendingfrom 

tfethlehem lo Penn Argyll, a distance of about twenty-seveu 



and four-tenths miles; the Suriiif 

inn from Moosic to Spring ook, 

I three-liundredtha miles; the 



Brook Railway, extend- 
distance of about eight 
nion Coal Comjiany's 



oad, extending from Union .Innction to Green Ridge. a 



nth miles; the Summit 
ucli Chunk to Summit 
in the Stale of Penn- 
3 Bay Railroad, extend- 
, to Maasey's Junction. 



of about fifteen and one 
ilroad, extending froii 
, a distance of about eight 

vania; the Smyrna and Deiawu [ 
jm Pierson's Cove, Delav 

i/limd, a distance of about twe ty miles ; and the Kent 
ixjunty Railroad, extending from Massey's Junction to 
Chestertown, Maryland, a distance of about twenty-one 
miles, with an extension from Worton Junction to Nich- 
olson, about nine miles in length: Sogctljct with all the 
branches, laterals, extensions, sidings, turnouts, tracks, 
bridges, viaducts, culverts, rights of way, water-rights and 
privileges, all the lands, machinery, fixtures, depots, 
stations, water-stations, houses, buildings, structures, im- 
provements, appurtenances, tenements and hereditaments, 
of whatever kind or description, and wherever situate, 
now held, leased or owned by the party of the first 
part, or which may at any time hereafter, during the 
term of this demise, be acquired by the party of the first 
part ; Provided, That such after-acquired property shall 
be acquired for some purpose incident to, or connected with, 
the maintenance, operation, construction or extension of the 
aforesaid railroads, with their branches and^appurtenances: 
^nil together with all ferries and rights of ferriage now belong- 
ing to or which may hereafter be acquired by the party of the 
first part, in any manner whatsoever : Qllao all the engines 
(stationary and locomotive), cars, tenders, trucks and other 



116 

rolling stock, tools, implements, machines and personal 
property of every kind and description, including all ferrj-- 
Vioats, tugs, floats and barges, belonging to the party of the 
first part, anrl in use or intended or adapted for use upon or 
about the railroads and premises demised, or the business 
thereof (of which a partial schedule is hereunto annexed, 
marked "A") ; it being thetTttaUion and agrci-nioU of the par- 
ties hereto that all cars and other rolling stock now used 
by, or in the possession of the jiarty of the first part ander 
the terms of any car trust, shall, when and so soon as they 
shall become the property of the party of the first part, and 
to the extent of the interest of the party of the first part 
therein, be included in the terms of this lense (excepting 
and excluding, however, railroad materials, such as rails, 
iron, cross-ties, timber of all kinds, coal and other fuel, oil 
and other articles generally known as railroad supplies, 
which, on the day of the date of these presents, shall bt' 
stored and reserved for use or consumption, and shall not 
then be in actual use for railroad purposes) : Qlnb all rights, 
benefits and privileges of every nature whatsoever, now 
enjoyed or which may hereafter be enjoyed hy the party of 
the first part, under any deed, lease, contract or other assur- 
ance whatsoever, — the party of the second part being hereby 
vested absolutely with all such rights, benefits and privi- 
leges as fullj' as though the same were herein fully and at 
large set forth and specifically hereby assigned, sub-let and 
transferred, — including all equitable as well as legal rights: 
Qkleo, ail the rights, powers, franchises and privileges which 
may now or at any time hereafter, during the afore^id 
term, be lawfully exercised or enjoyed in or about the use, 
management, maintenance, renewal, extension, alteration 
or improvement of the railroads and appurtenances above 
demised ; together with all rights now enjoyed by the par^ 
of the first part to the use of the lines of telegraph (includ- 
ing all the poles, wires, insulators, batteries, fixtures and 
appurtenances now existing, or as the same may hereafter 
exist) along the line of the said railroads or theh* teKQchoe, 
or any extension thereof 

^njl that the party of the first part doth hereby gr&ut, 
bargain, sell, alien, enfeoff, release, convey and cuufiim u 



I' of tlic fjecoud part, its siiccossore and assigns, 
real estate (uf which a jiartial schedule is here- 
1 marked " B "} of the said party of the first 
i-over the same may he situate, and whether spe- 
itioned in the said schedule or not, of wlialever 
mild the same may lie, and for whatever purpose 
., a whetlier the uame shall he held in possession, re- 
reversion, and whether the legal or equitable 
»n u/d vested in the party of the first part, — iiiclud- 
, I rrein all the lands with tlie buildings, structures and 
roven buvreoi «u, ^uients and hereditaments 

ulB I pn Df t pai I. . 

■Ani> ijiat i prtruj ul me first part hereby sells, as^iigus 
i tram s unto the party of tlie second part, its succes- 
s and assigns, all the railroad materials and supplier es- 
ed and excluded above; and also all the telegraphic 
«i<n,erial of every kind now on hand ; and the unexpired 
terms of all and every leasehold estate of every nature 
I whatsoever, now or hereafter to be acquired by the party of 
the first part: topetker iidth all it* rights under all deeds, 
contracts or agreements, so far as the same may be law- 
fully assignable ; and also all stocks, bonds, certificates of 
indebtedness, cash, book -debts and assets of every kind and 
description whatsoever, now belonging or which may here- 
after belong to the party of the first part (a schedule of 
which so far as at present ascertained, is hereunto annexed, 
marked " C ") ; — the party of the first part hereby expressly 
covenanting to execute and deliver all such transfers, proxies, 
or powers of attorney in relation to such stocks, bonds or 
other securities (whether now pledged as collateral security 
or not), as raay be necessary to enable the party of the second 
part to exercise all the rights now vested in the party of 
the first part to vote upon such stocks, or to collect the 
principal, interest or dividends upon such stocks, bonds, 
certificates of indebtedness, book-debts or other assets. 

So \)(X1}t anh to [)Olb the premises thus leased and 
demised unto the party of the second part, its successors and 
assigns, for the full term of nine hundred and ninety-nine 
years from the date hereof, so far as the same are owned by 



117 

the party of the first part ; and so far as the same are held 
under lease by the party of the first part, for the said full 
term of nine hundred and ninety-nine years from the date 
hereof, or, with reference to each leased estate so demised, 
for a period, three months less than the longest period, in 
each case respectively, for which the said party of the first 
part shall be entitled to demise the several premises herein- 
before referred to ; and to have and to hold the premises 
hereby absolutely conveyed to the party of the second part, 
its successors and assigns, in fee simple : 

^nb in ^loneiberotion of tlje Jpremieee the 

parties hereto do hereby covenant and agree as follows, each 
party covenanting for itself, its successors and assigns, with 
the other, its successors and assigns : 

iPiret. — That the party of the second part shall and will 
pay to the party of the first part, as rent for the premises 
hereby demised, in equal quarterly payments, on the first 
day of September, December, March and June, — the first 
payment to be made on the first day of September, 1883, — 
such sum as will enable the party of the first part to pay 
and discharge the interest, dividends and fixed charges 
hereinafter set forth, viz. : — 

(a.) Interest at the rate of seven per cent, annually upon 
now outstanding bonds, amounting to five million dollars 
($5,000,000), secured by a mortgage bearing date the fifteenth 
day of December, 1868, executed by the party of the first 
part, known as the " First Mortgage." 

(b.) Interest at the rate of seven per cent, annually upon 
now outstanding bonds, amounting to four million four 
hundred thousand dollars ($4,400,000), bearing date the 
first day of November, 1872, known as the "Convertible 
Bonds," and since secured by the mortgage bearing date 
the first day of September, 1874, executed by the party of 
the first part, known as the " Consolidated Mortgage." 

(c.) Interest at the rate of seven per cent, annually upon 
now outstanding bonds, amounting to fifteen million dol- 
lars ($15,000,000), secured by the said mortgage bearing date 



118 

the first day of September, 1874, executed by the party of 
the first part, known as the " Consolidated Mortgage." 

(d.) Interest at the rate of seven per cent, annually upon 
now outstanding bonds, amounting to five million four 
hundred and four thousand dollars ($5,404,000), secured by 
a mortgage bearing date the first day of May, 1878, executed 
by the party of the first part, known as the "Adjustment 
Mortgage." 

(e.) Interest at the rate of seven per cent, annually upon 
now outstanding bonds, amounting to two naillion four 
hundred thousand dollars ($2,400,000), bearing date the first 
day of May, 1878, known as the " Income Bonds." 

(/.) Interest at the rate of seven per cent, annually upon 
the bonds, amounting to six hundred thousand dollars 
($600,000), issued by the Newark and New York Railroad 
Company, and secured by a mortgage bearing date the 
first day of July, 1867, executed by the said company. 

{g.) Interest at the rate of six per cent, annually, in gold^ 
upon bonds, amounting to two million three hundred and 
ten thousand dollars ($2,310,000), issued by the Lehigh 
Coal and Navigation Company, and secured by a niortga*j:e 
bearing date the twenty-seventh day of November, 1807, 
executed bv the said comnanv. 

(//.) Interest annually accruing upon now outstanding 
bonds, amounting to one hundred and eighty-five thousand 
six hundred and tliirteen dollars ()$lSo/>13), secured by mort- 
gages of various dates, executed by the i)arty of the first part 
to various i)ersons, or which the {)arty of tlie first part has 
assumed to {)ay : a scliedule of which said bonds is hereto 
annexed, nuirked " D." 

(i.) Dividend at the rate of seven per cent, annually on 
shares of tlie capital stock of the Newark and New York 
Railroad Com})any, of the par value of eiglity-seven thou- 
sand tliree hundred and fifty dollars (§87,350). 

ij.) Dividend at the rate of six dollars annually per share 
on five shares of the cai)ital stock of the Elizabethport and 
New York Ferry Company, of the total par value of twenty- 
five hundred dollars (§2500). 

{k\) Interest at the rate of six per cent, annually on the 
loan due to the Mutual Life Insurance Company of New York, 
amounting to four hundred thousand dollars ($400,000). 



119 

(I.) Interest to become due hereafter on the following Car 
Trusts, viz, : — 

(1.) Railroad Car Trust of Philadelphia, principal as of 
May 1st, 1883, amounting to one hundred and fifty-eight 
thousand four hundred dollars (8158,400). 

(2.) New Jersey Car Trust, principal as of May Ist, 1883, 
amounting to three hundred and twenty-eight thousand 
dollai-s (8328,000). 

(3.) The Central New Jersey Car Trust, principal as of 
May 1st, 1883, amounting to five hundred and eighty-five 
thousand dollars (8.585,000). 

(4.) Guarantee Car Tnist, principal as of May 1st, 1883, 
amounting to eight hundred thousand dollars (8800,0001. 

(o.) The Central Railroad of New Jersey Car Trust, prin- 
cipal as of May 1st, 1883. amounting to nine hundred and 
forty-three thousand dollars ($043,000). 

(in.) Rent at the rate of six per cent, annually on the sum 
of four hundred and thirty-eight thousand three hundred 
dollars (8438,300), payable under the agreement of lease of 
the South Branch Railroad Company, dated March 18th, 
a862. 

(n.) Dividend at the rale of seven per cent, annually 
on twenty thousand shares of the capital slock of the New 
York and Long Branch Railroad Company, ofthe par value 
of two million dollars {82,000.000). 

(o.) Interest at the rate of five per cent, annually upon the 
bonds, amounting to one million five hundred thousand 
dollars (81,500,000), issued by the New York and Long 
Branch Railroad Company, and secured by a mortgage 
bearing date the sixteenth day of January, 1882, executed 
by the said company. 

(p.) Dividend at thu rate of five per cent, annually on 
shares of the capital stock ofthe Ogden Mine Railroad Com- 
pany, of the par value of four liundred and fifty thousand 
dollars (8450,000), and also the sum of 8500 annually to 
defray the expenses of maintaining the organization of the 
Ogden Mine Railroad Company. 

{q.j Interest at the rate of five per cent, annually upon the 
bonds, amounting to five million dollars (85,000,000), issued 
by tiio American Dock and Iniprovoraeut Company, secured 



120 

by a mortgage bearing date the first day of July, 1881, ex- 
ecuted by the said company. 

(r.) Interest at the rate of six per cent, annually upon the 
bonds, amounting to one million five hundred aud ninety 
tboue^and six hundred dollars (Sil,590,*iO0), issued by the 
Kew Jersey Southern Uailway Company, and secured by a 
mortgage bearing date the fiftoeuth day of July, 1 879, execu- 
ted by the said conipauy. 

(».) Interest at the rate of seven per cent, annually upon 
bonds, amounting to two hundred thousand dollars (§200,- 
000), issued by the Long Branch and Sea Shore Railroad 
Company, secured by a mortgage bearing date the first day 
of December, 1809, executed by the said company. 

((,) Dividend at the rate of six j»er cent, annually upon 
one thousand shares of the capital stock of the Dover and 
Hockaway Railroad C-ompauy, of the par value of one hun- 
dred thousand dollai'3(?10U,U00}, and also the sum of five 
Iiuiidri'd dollars annually to defray the expenses of main- 
taining the organization of the Dover and Hockaway Hail- 
road Company. 

(w.) Interest at the rate of six per cent, annually upon 
bonds amounting to fifty thousand dollars ($50,000), issued 
by the Dover and Rockaway Railroad Company, secured by 
a mortgage bearing date the first day of January, 1881, exe- 
cuted by the said company. 

{v.) Interest at the rate of seven per cent, annually upon 
bonds amounting to one hundred and tifty thousand dollars 
($150,000), issued by the New Jersey Stock Yard and Mar- 
ket Company, secured by a mortgage bearing date the first 
day of June, 1800, executed by the said company. 

{w.) The rent annually accruing under the provisions of 
the lease of the Tom's River and Waretown Railroad. 

{x.) The rent annually accruing under the provisions of 
the lease of the West End Railroad. 

(y.) The rent annually accruing under the provisions of 
the lease by the Lehigh Coal and Navigation Company to 
the party hereto of the first part, of the Lehigh and Sus- 
quehanna Railroad and other railroads, described in the 
said lease, dated March 31st, 1871. 

(z.) Interest at the rate of five per cent, per annum upon 
certificates of indebtedness, amounting to eighty thousand 



121 

dollars (480,000), issued by the party hereto of the first part 
to the Communipaw Coal Company. 

(k.) An annual dividend of six jwr cent, upon the present 
outstanding capital stock of the party of the first part, 
amounting at the par value thereof to the sum of eighteen 
millicin five hundred and sixty-three thousand two hundred 
dollars (_^18,5fi3,200) : ProoiHea. That the rental of the said 
six jier cent, dividend upon the said capital stork shall not 
begin to run until September 1st, 18S:J, — the first quarterly 
payment to he made on the first day of December, A. D. 
1883: 



1 



Ini) i33\icttaa> The party of the first part has incurred 
and is now liable for an indebtedness amounting to the 
sum of two million and sixty-two thousand dollars 
(?2,062,(XtO), which is classified and known as its floating 
debt, and which it is proposed to retire — either by the appli- 
cation to the payment thereof of so much of the assets of 
the party of the first part hereby assigned to the party of 
the second part, and which shall be subject to the disposi- 
tion or control of the party of the second part, as may be 
necessary ; or, at the option of the party of tlie second part, 
by converting the same into either bonds secured by mort- 
gage or newly issued shares of the capital stock of the party 
of the first part: |lrombeI>, That in such conversion neither 
the said shares of stock nor the said bonds shall be issued 
at less than their par valui-, without the consent of the party 
of tho second part : 



L 



It bting nnberetAob niib a^retit. That tho cash, assets and 
other securities hereby assigned lo the partj' of the second 
part, or the proceeds thereof, shall be first applied to the 
payment of the current liabilities of the party of the first 
part, and the balance of the said assets shall be applicable 
U} the payment of the tloating debt. In ease, however, any 
part of tho said current liabilities of the party of the first 
part shall be paid or discharged by the party of the second 
part by means of its own funds, then in such case, the party 
of the second part shall be entitled to receive bonds or cap- 
ital stock to the amount of the said payments, in the manner 
provided in the fourteenth section of this indenture: 



122 

'3.ni tUhtceas, TIiu parly of the first part, in determining' . 
' the rental for which it would be willing to execute tins leaeo, 
took into account its liability for interest at the rate of six per 
cent, upon the said floating debt, or so ranch thereof as might 
from time to time remain unextinguished either by payment 
or conversion into bonds or shares of stock as aforesaid, as 
well as for interest at the rate of not exceeding six per cent., or 
dividends at the rate of six percent, after December 1st, 1S83, 
upon either tlio said bonds or shares of stock last aforesaid, 
it is therefore JuTtha- agreed tliat the party of the second part 
ehall pay to the party of the first part, aa additional rent, dur- 
ing the term of this lease, on each quarter-day as aforesaid, 
a sum which shall be equal to the interest during the pre- 
ceding quarter on the said amount of jS2,0(>2,000, at which 
the party of the first part estimates its Hoating debt; which 
quarterly sum shall be subject to the following variations: 

Payment, as aforesaid, of any portion of the said floating 
debt by the party of the second part shall reduce each succes- 
aive quarterly payment thereafter by a sum equal to interest 
at the rate of six per cent, per annum, during the preceding 
quarter, on the portion thus paid ; the computation of in- 
terest to be made from the date when the said portion was 
paid. Conversion of any portion of the said floating debt 
into bonds of the party of the first part shall be followed 
by the substitution of interest, not exceeding six per cent 
per annum, on the said bonds from the date of conversion, 
instead of interest on the converted floating debt, as an ele- 
ment of calculation in ascertaining the said quarterly sum : 
conversion of any portion of the said floating debt into 
shares of capital stock of the party of the first part shall be * 
followed by the substitution of a dividend of six per cent, 
per annum after December 1st, 1883, on the said shares, in- 
stead of interest on the converted floating debt, as an ele- 
ment of calculation in ascertaining the said quarterly sum : 
ProvibeD, IjotDeoer, And it is hereby expressly understood, 
that in the conversion of the said floating debt, or any por^ 
tion thereof, into either bonds or shares of capital stock, 
there shall be no duplication of interest, or duplication trf 
interest and dividend, for the same period of time : 

anlr the said party of the first part hereby also expressly 
covenants to apply the above said rent to the payment of 



123 

interest, dividends, rents and payments accruing, from time 
to time, upon the stocks, bonds, leases, obligations and guar- 
antees of the said party of the first part, whicii are herein- 
above mentioned, or any of them ; and the said party of 
the first part also hereby covenants to make no further 
issues of stock, nor incur any further indebtedness, without 
the consent of the party of the second part. 

iMi it ia fnrllier understoob anb agrecD, That if the party 
of the second part shall pay off and cancel, discharge or 
satisfy the principal of any sum, the interest of which was 
payable as aforesaid from the aimual rent payable by the 
party of the second part for the premises hereinbefore de- 
mised, the said annual rent payable by the party of the 
second part shall thereafter bo reduced by a sum 
equal t« that theretofore annually payable as interest, 
including therein all taxes which, by the terms of the obli- 
gation, were payable in relief of the holders; but if the 
party of the second part shall prefer to purchase, and shall 
purchase the stock, bond, certificate of loan, mortgage or 
other obligation by which such principal sum shall be evi- 
denced or secured, or, if unable to purchase, shall pay off 
the same, and then elect to succeed and be subrogated to all 
the rights and securities resulting therefrom or incident 
thereto, before and at the time of the said payment, the said 
party of the second part shall, as to the said bond, certifi- 
cate of loan, mortgage or other obligation, stand in the same 
position as any other holder of a like security; and the in- 
terest tliereon shall be retainable from the quarterly pay- 
ments of rent due by the party of the second part. 



L 



9etonD. — That the party of the second part shall also pay 
to the party of the first part the yearly sura of eighteen 
thousand dollars {JJ 8,000) lawful money of the United 
States, in equal quarterly paj-ments of forty-five hundred 
dollars, on the quarter days aforesaiil; the said sum of 
eighteen thousand dollars to bo paid for the purpose of de- 
fraying the exijenses of maintaining the corporate organi- 
mtion of the party of the first part, and to be appropriated 
to that purpose only : Jl being fnntitt nnbrreloob ani agtecb, 
That the party of the second part shall at all times during 



le of the term bereby created provirlesuiliibk- 
:ity of New York for the transaction of all 
;iess of the party of the first part. 

at the party of the second part shall and will, 
'n CO tinuauce of the term hereby demised, asetinio 

' r iient of, and punctually and faithfully pay, all taxes 
'saments upon the capital stock of the party of the 
part, upon the yearly payments herein agreed to be 
u6 by the party of the second part to the party of the 
part, and upon the dividends declared and paid by the 
ty of the first part to its sto lolders out of the said 
tarly rent, for the payment or i ction of which taxes or 
sessments the said party of th it part would otherwise 
ible or accountable under i lawful authority what- 
■eyer: Ptooiftcil, l\omeotr, it ling in this covenant 
"ntaiiifd i^liall require the p ( the second pari, to pay 
any one year a greater amou of taxes or assessments 
on 3 capital stock of the party tlie first part than the 
amount fliaf would be chargeable or assessable for such 
year upon a capital stock of one hundred and eighty-five 
thousand six hundred and thirty-two shares (together with 
so many shares as may, in accordance with the terms here- 
of, be issued by the said party of the first part with the con- 
sent of the party of the second part), at the par or appraised 
value of one hundred dollars per share, paying a dividend 
at the rate of six y\er cent., after December 1st, lS83,for each 
year of the term hereby created ; nor any greater amount 
of taxes or assessments on dividends than the amount that 
would be chargeable or assessable on a dividend or dividends 
at tlie rate aforesaid for each year on shares of the number 
and value aforesaid: QLnft proniBelr, fnttl)er. That nothing 
herein contained shall be construed as rendering the said 
party of the second part liable or responsible for taxes or 
assessments on any dividend or part of dividend paid by 
the party of the first part out of any other fund than the 
aforesaid yearly rent, and any dividend or part of dividend 
for the tax on which the said party of the second part shall 
not be liable or responsible as aforesaid shall be disregarded 
in computing the rate of dividend, wherever the tax on 



L 



capital stock shall be graduated by the rate of dividend 
paid during the year. 

f outtf). — That the party of tlie second part shall and will 
punctually and faithfully pay all taxes, charges, levies, 
claims, liens and assesamente of any and every kind, whichj 
during the continuance of the term hereby demised, shall, 
in pursuance of any lawful authority, be assessed or imposed 
on the demised premises or any part thereof, or upon the 
business there carried on, or the receipts, gross or net, there- 
from, or upon the franchises of the said party of the first 
part: 2Vn5 oIbo any taxes, charges or assessments in respect 
to either the principal or interest of bonds or obligations of 
the party of the first part, the interest of which shall be 
paid out of the rent aforesaid, which, in pursuance of any 
lawful authority, the party of the first part shall itself be re- 
quired to pay without recourse to the parties to whom such 
interest is paid, — whether such recourse shall not be allowed 
by the provisions of the statute, ordinance or enactment im- 
posing or authorizing such tax, charge or assessment, or 
shall have been waived or released by any now existing 
agreement of the party of the first part in respect thereto. 

iMh all other payments required to be made by the party 
of the first part during the term of this indenture, and not 
herein otherwise specially provided for, shall be assumed 
and discharged by the party of the second part, as if the 
said party of the second part were primarily liable for the 
game, but to the same extent only as the party of the first 
part is legally liable therefor: ][lraiiii)e6. That for any such 
payments, the party of the second part shall be entitled to 
receive bonds or capital stock to the amount of said pay- 
ments, in the manner provided in the fourteenlh section 
of this indenture, it bttng Dielinitls nnllerstooli and ogrccj). 
That nothing herein contained shall be so construed as 
to impose any obligation or liability upon the party of 
the second part under the terms of two certain agreements 
bearing date the third day of January, 1«82, between F. S. 
Lathrop, Receiver, the party hereto of the first part, the 
New York and Long Branch Railroad Company, the 
New Jersey Southern Railway Company, and the Penn- 



126 

sylvania Railroad Company ; which said two agreementB the 
party of the first part declares to be void and of no effect : 
])ro0ibe&, l)OiDetier, That the party of the first part shall, from 
time to time, and at all times, give immediate notice to the 
party of the second part of any claim presented or suit 
brought against the said party of the fini part, by which 
the party of the second part may be involved in any liabil- 
ity whatever, and permit the party of the second part to 
make, in the name and on behalf of the party of the first 
part, but at the cost and expense of the party of the sec- 
ond part, any legal defense that can be made to such claim 
or suit. 

^iftl). — That the party of the second part shall and will, 
during the continuance of the hereby demised term, keep 
and maintain the said demised railroads and appurtenances, 
buildings, structures and fixtures in good order and repair ; 
keep in public use, manage and efficiently operate the said 
railroads, from time to time, and at all times, indemnify 
and save harmless the said party of the first part from all 
liabilities, damages, claims and suits by reason of anything 
done or omitted by the party of the second part in the 
premises; and, at the expiration or other determination of 
the hereby demised term, surrender the said railroad and 
premises in the same good order and condition as they now 
are : 3t being nnberetoob anh agreeb, horoeucr, That all poli- 
cies of insurance now held by the party of the first part on 
any building or structure hereby demised shall be assigned 
to the party of the second part, and all sums received there- 
under shall, at the option of the party of the second part, 
be either aj)propriated to restoriilg or replacing the building 
or structures covered by such policies, or to the discharge, 
by purchase or payment, of any bond or obligation secured 
by any now existing mortgage uj)on the demised railroad, 
in which latter case the ainiual amount payable by the 
party of the second part to the party of the fii^st part shall 
be decreased by an amount equal to the annual interest 
upon the said discharged bond or obligation. 

Sixtl).-^That the party of the second part shall and will, 
during the continuance of the hereby demised term, keep 



L 



and maintain in use on the railroad hereby demised an ad- 
equate equipment of rolling stock and other personal prop- 
erty adapted for railroad business; and that the rolling 
stock and other railroad equipment in use on the said rail- 
road shall at all times be equal in amount and value to the 
rolling stock and other equipments hereby leased ; that, 
upon the expiration or sooner determination of the term of 
this lease, the party of the first part shall be put in posses- 
sion of rolling stock and other railroad equipment, of &e 
same character and of equal value as that hereby leased 
to the party of the second part ; and that, for the better se- 
curing to the party of the first part the full performance of 
this covenant, an inventory of the rolling stock and other 
personal property leased shall be forthwith made; and the 
said rolling stock and personal property shall be appraised 
at its fair market value by three appraisers, one to be se- 
lected by each of the parties hereto, and the third by the 
two tlius selected, and the said inventory and appraisement 
shall be identified by the respective signatures of the presi- 
dents of the parties hereto, and shall be considered part of 
this agreement : It being ejcfttueli nnOentooil, ttoracDcr, That 
while and so long as the railroad hereby demised is ade- 
quately stocked and supplied, as herein covenanted, the 
party of the second part is to have the right to use the roll- 
ing stock and other equipment hereby leased, in its general 
business, over any or all of the roads which it may now or 
hereafter operate. 

Stpeml).— That the party of the first part shall and will, 
■during the term hereby demised, maintain its corporate ex- 
istence and organization ; and at all times, and from time to 
lime during the said term, when requested by the party of 
the second part, its successors or assigns, shall and will put 
in force and exercise each and every corporate power, and 
do each and every cori>orate act which the party of the first 
part might now or may at any time hereafter lawfully put 
in force or exercise, to enable the party of the second part 
to enjoy, avail itself of and exercise every right, franchise 
nnd privilege in respect to the use, management, mainte- 
nance, renewal, extension, alteration or improvement of the 




premises hereby demised, or iiik'ndcd so to be, or the biisi- 
Dees to be there carried on, — ^the party of the second jiart 
agreeing to indemnify and aave harmleeK the party of the 
first part aguinst all loss, damage or liability for sucli exer- 
cise of corporate powers, or performance of corporate aclfl. 
when exercised or done at the request of the party of the 
.Bec'oud part. 

(Eishf)- — -That the said party of the second part, its suc- 
cessors and assigns, keeping and performing the covenant* 
herein contained, on its and their part to l>e kept and per- 
formed, shall and may at all times, and from time to time, 
peaceably and quietly have, hold, use and enjoy the de- 
mised premises and every part and parcel thereof, with the 
appurtenances, without any manner of let, suit, trouble or 
hindrance from the party of the first part, its successors and 
assigns ; and the said party of the first part shall and will 
at any time hereafter execute and dehver such further as- 
■ surances as may be reasonably required for fully effectuating 
the objects and purposes of this indeTiture, and the more 
fully securing unto the party of the second part all the 
rights and privileges hereinbefore mentioned and granted, 
or intended so to he. 

NintI). — The party of the first part hereby covenants that 
the premises hereby demised are absolutely free and clear 
from any and every charge, lien or incumbrance whatever, 
except the mortgages hereinbefore referred to, and that the 
said party of the first part shall and will fully pay and dis- 
charge the principal of the bonds secured by the said mort- 
gages, when and as the same shall become due and paya- 
ble, or procure the same, from time to time, during the term 
of this lease, to be converted, extended, renewed or replaced 
by other bonds or securities, bearing interest at the lowest 
rate attainable, but in no case exceeding the rate of interest 
now payable under the terms of the said obUgations: Jt 
being nnberstoob anb agreeb That if a reduction in the rate 
of interest upon any of the outstanding obligations of the 
party of the first part shall at any time hereafter be effected, 
whether by extension of the time of payment of the princi- 



L 



129 

pal thereof, or by exchange thereof for bonds bearing a less 
rate of interest, or otherwise howsoever, or if any reduction 
shall be effected in the rentals or other fixed charges now 
payable by the party of the first part, then the rent payable 
by the party of the second part shall be reduced by an 
amount equal to the reduction in the said interest, rentals 
or other fixed charges : 3l being futlhet tinbereloo& anil agtcti 
That the party of the first part shall and will, so soon as 
the same can be lawfully done, either pay off the principal 
of the loans known as the " Adjustment Loan " and the 
" Income Loan," respectively, or agree with the holders of 
the said loans to reduce the rate of interest thereon to the 
rate of five per cent, per annum, upon condition that the 
principal shall not be paid off before the maturity thereof. 

Scnil)- — That the party of the second part shall, during 
the term hereby demised, furnish the president, directors 
and treasurer for the time being of the party of tlie first 
part, with annual passes or tickets, not exceeding fifteen in 
number, entitling them to free passage in the passenger 
trains of the party of the second part over the hereby de- 
•mised railroads, together with passes t« such persona as are 
entitled thereto under the laws of the State of New Jersey, 
and to sucli other persons as may be legally entitled thereto. 

<Elet)c«tl). — That the president, for the time being, of the 
party of the second part, shall be and he is hereby consti- 
tuted and appointed the true and lawful attorney of the 
party of the first part, for it and in its name, to do and per- 
form whatever act, and to sign, seal, acknowledge and de- 
liver whatever deed, instrument or assurance may be re- 
quired to fully perform and carry out each and all of the 
covenants and agreements herein contained of the party 
of the first part, according to their true intent and meaning, 
with full power, from time to time, of making and again re- 
voking appointments of attorneys, one or more, under him 
for the purposes aforesaid. 

Snelflti. — That if the said party of the second part shall 
at any time hereafter sell and convey any portion of the 



r 130 

! real estate hereinbefore conveyed to it in fee simple (referred 
I to in schedule " B "), or shall sell or collect the principal of 
any of the stocks, bonds or other assets hereinhefore assigned 
and transferred to it (and referred to in schedule " C "), which 
may remain after the payment of the current liabilities and 
L floating indebtednesss of the party of the first part, as here- 
I inbefore provided, then the proceeds of such sales or collec- 
tions shall be applied by the party of the second part, at its 
L option, either to the improvement of any portion of the 
I premises hereby demised, or to the payment or purchase of 
any of the bonds or other indebtedness of the party of the 
[ first part (which bonds or other evidences of indebtedness 
I shall thereupon be cancelled} ; and in the latter case t!ie 
I annual rental payable by the party of the second part to 
f the party of the first part shall thereafter be decreased by 
I an amount equal to the annual interest payable upon the 
I bonds or other evidences of indebtedness ao cancelled. 

I Shirtecntl). — That the said party of tlie second part may, 
at any time hereafter, with the consent of the jmrty of the 
first part, which shall be evidenced by its becoming a party 
to the conveyance, sell and convey the whole or any part of 
the real estate hereby demised, and not hereinbefore con- 
veyed in fee simple to the party of the second part, which 
shall, in the opinion of the said party of the second part, 
be or become unnecessary for the purpose of carrying on 
business over the railroad hereby demised ; {lionibeb. That 
the proceeds of any such sale shall be applied first to the 
payment of any incumbrance upon the property so sold, 
for the payment of which the said party of the first part 
may be liable, and the surplus, if any, to the payment or 
purchase of any of the bonds or other indebtedness of the 
eaid party of the first part (which bonds or other evidence 
of indebtedness shall thereupon be cancelled), and there- 
after the annual rental payable by the party of the second 
part to the party of the first part shall be decreased by an 
amount equal to the annual interest payable upon the bonds 
80 cancelled. 

lonttemsi]. — That if the said party of the secoud part 
■hall, during the term hereby created, with the approval of 



131 

the party of the first part, make any additions, extensions 
or improvements, to, of or upon the premises hereby demised 
or their appurtenances, or if the said party of the second 
part shall pay off any obligation of the party of the first 
part, which the said party of the first part hereby consents 
may be done (including herein any payments made by the 
party of the second part on account of the principal of any 
car-trust certificates hereinbefore referred to, and any arrear- 
ages of interest which may hereafter be legally determined 
to be due and payable by the said party of the first part on 
the " Income Loan "), then the said party of the first part 
shall, upon the request of the said party of the second part, 
and to the extent of the lawful power of the said party of 
the first part in the premises, issue to the said party of the 
second part, at its option, an amount of bonds bearing in- 
terest at a rate not exceeding six per cent, per annum, or 
shares of the capital stock of the party of the first part 
equal, at par, to the cost of such additions, extensions or 
improvements, or to the amount of such payments, and 
thereafter the rental payable by the party of the second 
part to the party of the first part shall be increased by a 
sum equal to the amount required to pay the interest upon 
such bonds, or which would then be payable as dividend 
upon a like amount of the now existing capital stock of the 
party of the first part at the rate of dividend hereinbefore 
specified : it being nnberetoob ani a%xttb. That if the party 
of the second part shall elect to receive bonds, as herein 
provided, such bonds shall all be of one issue, of like tenor, 
and secured by a mortgage upon the premises hereby de- 
mised, — such bonds to be issued only to the party of the 
second part as they may from time to time be required for 
the purposes aforesaid. 



^ifteentl). — That in case of any breach of covenant on the 
part of the party of the second part, its successors or assigns, 
and sixty days' notice thereof given by the party of the first 
part, or its assigns, to the party of the second part, if the 
same can not or shall not be fully compensated within a 
reasonable time thereafter, then and in such case the party 
of the first part, or its assigns, may, at its or their option. 



132 

declare this lease to be tenninated, and tho agrcenu'iitu 
herein contained to be rescinded, and may thereupon enter 
on the demised property and premises as and for condition 
broken, and repossess themselves as of their old and former 
estate, and may resume, take, use and enjoy all the rights, 
privileges and franchises hereby demised or granted, as if 
this agreement had never been made; and this contract 
eball from thenceforward be deemed and taken to be utterly 
ended, saving and excepting the right of the party of the 
first part, or its assigns, to sue for and recover, by any pro- 
ceedings at law or in equity, compensation for all damages 
for or by reason of any breach or breaches of any covenant 
or covenants on the part of the party of the second part, as 
fully as if this agreement continued in full force; and sav- 
ing and excepting the rights of the party of the second 
part to the pravious' repayment of all advances inade by 
them for improvements; and also saving and excepting the 
personal property purchased and paid for by the party of 
the second part; but no such option of declaring this lease 
* terminated shall be exercised by the party of the first part. 
or its assigns, while there exists any default under thi.^ 
agreement on their part. 

Jn tDitness tDlieTeof, The parties hereto have caused their 
corporate seals, duly attested, to be hereunto affixed, the 
day and year first above written. 



Sealed and de- 
livered in the pres- 
ence of us : 
Saml. Knox, 
Albert Foster. 



The Central Railroad Company 
OF New Jersey, 

H. S. LITTLE, 
Attest : President. (. ^ 

Saml. Knox, '> « 



FRANKLIN B. GOWEN, 
Attest : Prett. 

Albert Foster, 




133 



State op New Jersey, 1 
Hudson County, J 

BE IT KNOWN, That on the 29th day of May, in the 
year of our Lord one thousand eight hundred and eighty- 
three (1883), before the subscriber, a Master in Chancery of 
the State of New Jersey, personally appeared Samuel Knox, 
Esquire, who, being by me duly sworn according to law, on 
his oath, did depose and say that he is the Secretary of The 
Central Railroad Company of New Jersey, who are, I am 
satisfied, the grantors named in the foregoing Indenture ; 
that he is well acquainted with the common seal of the 
said company ; and that the seal affixed to the foregoing 
Indenture is the common seal of the said company; 
that the said seal was affixed to the said Indenture 
in pursuance of a resolution of the Board of Direc- 
tors of the said company ; that Henry S. Little, who is the 
President of said company, did, by their order, sign, seal 
and deliver the said Indenture, as the voluntary act and 
deed of said company, in pursuance of the said resolution 
of the said directors, in this deponent's presence, and that 
he, the deponent, at the time of the execution thereof, did 
subscribe his name thereto as a witness. 

SAML. KNOX, 

Secretary, 

Subscribed and sworn to the day 
and year aforesaid, before me, 

John L. Conover, 
Master in Chancery of New Jersey. ^ 




State op New Jehsey, 1 

Mekcur County, J 

BE IT REMEMBERED, That on this iOth day of 
May, A. D. one thousand eight hundred and eighty-three 
{188;i), before me, the subscriber, a commissioner for theStab) 
of Pennsylvania, resident in the State of I^ew Jersey, duly 
authorized to tako the acknowledgment and proof of deetls, 
pcrsoTially camo and appeared Henry S. Little, Esquire, 
President of the foregoing-named corporation, The Centra! 
Railroad Company of New Jersey, who, being duly sworn 
according to law, deposes and says, that he was personally 
present at the execution of the foregoing indenture, and 
did affix the common or corporate seal of the said corix>ra- 
tion thereto, and that the seal so affixed is the common or 
corporate aeal of the aaid company, and that the foregoing 
indenture was duly Healed and delivered as and for the act 
am! deed i>f llie siiid Tln' CViitra! I'nilroiid Company nf 
New Jersey, and that the signature of this deponent to the 
said indenture as President of the said corporation, is of 
this deponent's own proper handwriting. 

H. a LITTLE. 
Sworn to and subscribed before me, 
this the day and year aforesaid. 

Witness my hand and seal. 

J se.i 1 S. M. Dickinson, 

1 "in", j""*^ I Comr. for Penna. 



135 



State op New Jersey, 1 
Hudson County, J 

BE IT REMEMBERED, That on this first day of June, 
A. D. one thousand eight hundred and eighty-three (1883), 
before me, the subscriber, a commissioner for the State of 
Pennsylvania, resident in the State of New Jersey, duly 
authorized to take the acknowledgment and proof of deeds, 
personally came and appeared Samuel Knox, Esquire, Sec- 
retary of the foregoing-named corporation. The Central 
Railroad Company of New Jersey, who, being duly sworn 
according to law, deposes and says, that he was personally 
present at the execution of the foregoing indenture, and 
saw Henry S. Little, Esquire, President of the said corpora- 
tion, aflBx the seal of the said company to the said inden- 
ture, and deliver the same as the act and deed of the said 
company, and that the name of this deponent subscribed to 
the said indenture, as Secretary of the said corporation, in 
attestation of the due execution and delivery of the said 
indenture, is of this deponent's own proper handwriting. 

SAML. KNOX. 

Sworn to and subscribed before me, 

this the day and year aforesaid. 
Witness my hand and seal. 

Geo. W. Cassedy, 
Comr. for Fenna. in 
New Jersey. 



{ 



Seal 

Comr. for Penna. 

in N.J. 



] 






136 



"I 88. 



' State op Pennsylvakia, ' 
City of Philadelphia, 
BE IT REMEMBERED, That on this 31st day of May, 

A. D. one thousand eight hundred and eighty-three (1883), 

before me, the subscriber, a notary public in and for the 
J said city, personally came and appeared Franklin B, Gowen, 
i Esquire, President of the foregoing named corporation, The 
I Philadelpliia and Reading Railroad Company, who, being 
[■duly sworn according to law, deposes and says, that he was 
t personally jireaent at the execution of tho foregoing inden- 
I ture, and did affix the common or corporate seal of the said 
I The Philadolphia and Reading Railroad Company; tuid 
I that the foregoing indenture was duly scaled and delivered 

tLB and for the act and deed of the said The Philadeljihin 
t and Reading Railroad Company, and that the signature of 
I this doponent to the 8aid indenture, as President of the !*aid 

coqjoration, is of this deponent's own proper handwriting. 
FRANKLIN B, GOWEN. 



Sworn to and subscribed before 
me, this the day and year 
aforesaid. 

Witness my hand and seal. 
J. Y. Humphrey, 

[^f?.] Notary Pvhlic. 



137 



State of Pennsylvania 
City op Philadelphia 






BE IT REMEMBERED, That on this Slst day of May, 
A. D. one thousand eight hundred and eighty-three (1883), 
before me, the subscriber, a notary public in and for said 
city, personally came and appeared Albert Foster, Esquire, 
Secretary of the foregoing named corporation. The Phila- 
delphia and Reading Railroad Company, who, being duly 
sworn according to law, deposes and says, that he was per- 
sonally present at the execution of the foregoing indenture, 
and saw Franklin B. Go wen. Esquire, President of the said 
corporation, affix the seal of the said company to the said 
indenture, and deliver the same as the act and deed of the 
said company ; and that the name of this deponent sub- 
scribed to the said indenture, as Secretary of the said corpor- 
ation, in attestation of the due execution and delivery 
of said indenture, is of this deponent's own proper hand- 
writing. 

ALBERT FOSTER. 

Sworn to and subscribed before 

me, this the day and year 

first aforesaid. 
Witness my hand and seal. 

J. Y. Humphrey, 
[S^;] Notary Public. 



136 

' State op Pennsylvania, 1 
City OF Philadelphia, i 

BE IT KNOWN, That on the 31st day of May, in tLe 
year of our Lord one thousand eight hundred and eighty- 
three (1883), before the subscriber, a commissioner duly 
appointed by the Governor of the State of New Jersey for 
the State of Pennsylvania, to take the proof and acknowl- 
edgment of deeds to be used and recorded in the Slate of 
New Jersey, personally appeared Albert Foster, Esquire, who, 
being by me duly sworn according to law, upon his oath 
did depose and say, that he is the secretary of The Phila- 
delphia and Reading Railroad Company, who arc, 1 am 
satisfied, the grantees named in the foregoing Indenture; 
that he ia well acquainted with the corporate or common 
seal of said company, and that the seal aiSxed to the fore- 
going Indenture is the corjiorate or common seal of the 
said The Philadelphia and Reading Railroad Company; 
' that the said seal was affixed to the said Indenture in pur- 
r suance of a resolution of the Board of Managers of the 
said viHTipiiny ; fhat Franklin B, <.!oiven, Esquire, who is 
the president of the said company, did by their order, sign, 
seal, and deliver the said Indenture as the voluntary act 
and deed of the said The Philadelphia and Reading 
Railroad Company, in pursuance of the said resolution 
of the said Board of Managers of the said company, in 
deponent's presence, and that he the deponent, as secre- 
tary of the said company, did at the time of the exe- 
cution of the said Indenture, subscribe his name thereto 
as a witness. 

ALBERT FOSTER, 

Secretary. 
Subscribed and sworn to at the city of Philadelphia, in 
the State of Pennsylvania, the day and year aforesaid, be- 
fore the subscriber. 

In witness whereof, I have hereunto subscribed "| 
my name and affixed my official seal at the p 
and on the day and year aforesaid. 
.■ ^^j ■, C. H. Krumbhaar, 

J Comr. for N. J. I A Cotnmiuionrr of Deed* for the StaU of Nae Jenea 

\ inPtPD*. J in (Ae &aU of Pmnt^lvania, PhOaddpKia, P^ 



icribed "I 
9 place /■ 








BETWEEN 



The Lehigh Coal & Navigation 

Company, 

The Central Railroad Company 

of New Jersey 



AND 



The Philadelphia & Reading 
Railroad Company. 







Articles of "^JVgrCCmCnt, Made this Iwemy-niml. -lay 
of May, 18S3, by ami between (Elje Cfhiflh Coal anb ilawiga- 
tion Company of tlu' Hn<t part, £!)( Critical Knilroa!) Cotn- 
pane of XcD) Jerfleji of the second part, and ffitje pl)Ua&el)il)ia 
anb Ucabiitg lUilroai) Compani; of the third part. 

CUt)creae, The Lehigh f^al and Navigation Company 
and The Central Railroad Company of New Jersey entered 
into certain articles of agreement under date of Marcli 
Slst, 1871, a copy of which is hereto annexed, marked 
" Exhibit A ; '" 

■3lnlt Oi\itttaa, The parties hereto are willing to covenant 
and agree to and with one another, as hereinafter set 
forth : 

NotB, fflicrefore, iljia :Xgretmcn[ ttJilnceeetli, That the 
parties hereto have covenanted and agreed, and do hereby 
covenant and agree to and with each other as follows : — 

£inU — This agreement is to be deemed and taken to have 
been incorporated into the contract of March Slst, 1871 (but 
only to be operative from and after June Ist, 1883), as if 
originally there written, and each party is to have the same 
remedies as are provided in the original contract for all 
rights secured by the contract as thus modified, and as if 
the said original contract had been herein recited and set 
forth at length as part hereof; and wherever in this agree- 
ment the expression "Lehigh and Susquehanna Railroad 
and branches" is used, it shall be taken to include all the 
railroads now or hereafter to be operated under the original 
contract of March 31st, 1871, aud tiiis supplemental agree- 
ment. 

Stton&. — The Central Uailroad Company of New Jersey 
agrees that inasmuch as The Philadelphia and Keading 
Railroad Company, after it takes possession of The Lehigh 



I and Suaquehanoa Railroad and branches, will also become 
L responsible for the proper conduct of the business under the 
[ provisions of the aforesaid agreement of March 3lBt, 1871, 
' any breach of the covenants of the original contract or of 
this supplemental agreement by The Philadelphia and 
Reading Railroad Company shall have the same effect in 
I all respects as if the breach had been committed by The 
r Central Railroad Company of New Jersey. 

(2!l)irl). — The Philadelphia and Reading Railroad Com- 
pany agrees that it will assume and become liable for the 
faithful execution of all the covenants in the said agreement 
[ contained, and on the part of the said The Central Railroad 
Company of New Jersey to be kept and performed, and will 
L keep, maintain, and fulfill the same according to their full 
L intent and meaning, and will carry out all other contracts 
I made by or on behalf of The Central Railroad Company of 
I Kew Jersey, in which The Lehigh Coal and NavigaUon 
I Company may have an equitable interest ; will develop the 
business of The Lehigh and Susquehanna Railroad and 
branches in accordance with the provisions of the said 
agreement of March 31st, 1871, and the terms of this sup- 
plemental agreement ; and where additional railroads shall 
be necessary to develop and secure business in the anthra- 
cite coal fields east of the line of The Little Schuylkill and 
Catawissa Railroads, wilt cause them to be built under the 
provisions of the first and second mutual covenants of the 
contract of 1871 ; will cause the development of The Lehigh 
and Wilkesbarre Coal Company's lands to proceed part 
passu, with that of the lands of The Philadelphia and Read- 
ing Coal and Iron Company, 80 that the production of 
the two coat estates shall bear to each other the numerical 
relation of twenty-eight for The Lehigh and Wilkesbarre 
Coal Company to seventy-two for The Philadelphia and 
Reading Coal and Iron Company, at least until the pro- 
duction of the Lehigh and Wilkesbarre Coal Company's 
lands shall reach three million tons per annum, beyond 
which it shall not be required to be increased, but which 
shall be maintained till it shall be no longer possible 
to make the said mines produce at that rate ; and if the 



143 

production of the said lauds shall in any one year bear a 
less ratio to tho production of The Pliiladelphia and Read- 
ing Coal and Iron Company's lands than the aforesaid ratio, 
will send such an amount, of coal from The Philadelphia and 
Reading Coal and Iron Company's or other anthracite coal 
lands lying west of Tamanend, over The Lehigh and Sus- 
quehanna Railroad from Tamanend, as shall bring the coal 
tonnage-mileage of The Lehigh and Susquehanna Railroad 
system up to what it would have been if the above stipulation 
in regard to the production of The Lehigh and Wilkesbarre 
Coal Company's land had been carried out, and will cause 
the production of The Lehigh and Wilkesbarre Coal Com- 
pany's lands to pass to or towards its market over the lines 
of Tho Lehigh and Susquehanna Railroad and branches. 
And it further agrees that the rates of transportation of 
coal, or other freight, from or to any property in the anthra- 
cite region which may at any time be owned, controlled, 
or operated by The Lehigh Coal and Navigation Company, 
shall never be higher than the lowest rates given to any 
other producer or shipper of anthracite coal for similar con- 
signments and like distances, and that it will join with The 
Central Railroad Company of New Jersey in carrying out 
the provisions of the contract between The Central Railroad 
Company of New Jersey and The Alliance Coal Mining 
Company, of August 10th, 1881, a copy of which, marked 
"Exhibit B," is hereto annexed. 

SouTt\\. — And the said Tho Philadelphia and Reading 
Railroad Company further convenants and agrees that the 
aggregate rental of The Lehigh and Susquehanna Railroad, 
after the date of this agreement, shall never in any year be 
less than one million four hundred and fourteen thousand 
four hundred dollars, but if the one-third of the gross re- 
ceipts from the operation of The Lehigh and Susquehanna 
Railroad (settlements for which shall be made monthly as 
heretofore), shall not amount in any year to the said sum, 
The Philadelphia and Reading Railroad Company will 
nevertheless pay at the end of the calendar year such addi- 
tional sum as will make the rental of Tho Lehigh Coal and 
Navigation Company from the said Lehigh and Susque- 



i\ 



iianiia Railroad and branches equal thereto ; and in consid- 
eration of this undertaking, The Lehigh Coal and Naviga- 
tion Company covenants and agrees that after it shall have 
received from its one-third of the gross receipts derived from 
the operation of the said Lehigh and Susquehanna Rail- 
road and branchas, during any calendar year prior to De- 
cember 31st, 1887, the sum of one million seven hundred 
and twenty-eight thousand seven hundred dollars, or in any 
calendar year thereafter prior to December 31st, 1892, the 
sum of one million eight hundred and eighty-five thousand 
eight hundred dollars, or Jn any calendar year thereafter 
the sum of two million and forty-three thousand dollars, 
together with a further sum in each year equal to seven per 
cent, upon the amounts which shall be charged after De- 
cember 31at, 1882, upon the books of the Lehigh Coal and 
Navigation Company for payments for right of way, or for 
expenditures made or to be made by The Central Railroad 
Company of New Jersey or The Philadelphia and Reading 
Railroad Company, for construction as shown by the ac- 
counts rendered or to be rendered by either of the said cor- 
jiomtions iindor llio first and i^eoond of the mutual cove- 
nants in the original agreement of March 31st, 1871, it will 
waive, relinquish, and release, and does hereby waive, re- 
linquish, and release the surplus or excess of its one-third 
share of the said gross receipts to the said The Philadelphia 
and Reading Railroad Company, but nothing herein con- 
tained shall be deemed or taken to release The Lehigh Coal 
and Navigation Company from paying seven per cent, on 
the amount already advanced by The Central Railroad 
Company of New Jersey, and on the amounts hereafter ex- 
pended, and which are repayable by The Lehigh Coal and 
Navigation Company, as provided by the agreement of 
March 31st, 1871, until The Lehigh Coal and Navigation 
Company shall have refunded such advances. And the 
Central Railroad Company of New Jersey hereby agrees 
that the sums herein stipulated to be paid and which it 
agrees may be paid to The Lehigh Coal and Navigation 
Company shall be in lieu and satisfaction of the rent re- 
served in the agreement of May 29th, 1883, between The 
Central Railroad Company of New Jersey and The Phila- 



145 

delphia and Reading Railroad Company (a copy of which, 
marked " Exhibit C," is hereto annexed) as accruing under 
the provisions of the agreement of March 31 st, 1871 ; and 
upon the payment by The Philadelphia and Reading Rail- 
road Company to The Lehigh Coal and Navigation Company, 
its successors and assigns, of the sums herein stipulated to 
be paid the said The Philadelphia and Reading Railroad 
Company shall be relieved from said portion of the rental 
reserved in the agreement of May 29th, 1883, aforesaid, and 
the excess or remainder, if any, of said gross receipts, after 
making the payments herein stipulated to The Lehigh Coal 
and Navigation Company, shall be retained by The Phila- 
delphia and Reading Railroad Company for its own use and 
benefit. 

Sifti]. — And the parties hereto further agree, that in case 
of any difference of opinion between the parties hereto in 
relation to any of the provisions of this agreement, or in case 
either party shall be dissatisfied with the manner in which 
the business is done by the other party, the matters in dis- 
pute shall be referred to arbitrators, one to be appointed by 
The Philadelphia and Reading Railroad Company and one 
by the Lehigh Coal and Navigation Company, and the two 
thus chosen to select a third, and their decision or that of a 
majority of them shall be final and conclusive. 

SijttI). — And all the parties hereto agree that in case 
of any breach of covenant on the part of the parties of 
the second or third part, if the same shall not be fully com- 
pensated within a reasonable time, the party of the first 
part may at its option declare the agreement of March 31st, 
1871, to be terminated and the agreements therein contained 
and this agreement to be rescinded, and may thereupon 
enter on the demised premises as and for condition broken 
and repossess itself of its old and former estate, and may 
resume, take, use, and enjoy all its original rights, privi- 
leges, and franchises, as if this agreement and the said 
agreement of March 31st, 1871, had never been made. 



I4r> 

3n ttjiltuea tSbci^eoE. The parties hereto havecaused their 
I corporate seals, duly attested, to be hereimto affixed, Uiv 
[ day and year first above written. 



I Seated and deliv- " 
ered in presence 
of us: 
ia ti> tbe signature of 
Joeeph S. Harris, 
President. 
I 6. Shepherd. 



Albert Foster. 



J. S. HARRIS, 

Pretdt. 



kS. SHEPnERD, 

Secretary. 



H. S. LITTLE, 

Premdent. f 



. Knox, 
Smj. 



FRANKLIN B. GOWEN, 

Prest 
Attest : 

Albert Fosteh, 

Sedy. 




147 



State of Pennsylvania, 
City op Philadelphia 






BE IT REMEMBERED, That on this seventh day of June, 
A. D. one thousand eight hundred and eighty-three (1883), 
before me, the subscriber, a notary public in and for the 
said city, personally came and appeared Joseph S. Harris, 
Esquire, President of the foregoing named corporation, The 
Lehigh Coal and Navigation Company, who, being duly 
sworn according to law, deposes and says, that he was per- 
sonally present at the execution of the foregoing indenture, 
and did affix the common or corporate seal of the said 
The Lehigh Coal and Navigation Company ; and that the 
foregoing indenture was duly sealed and delivered as and 
for the act and deed of the said The Lehigh Coal and Navi- 
gation Company, and that the signature of this deponent to 
the said indenture^ as President of the said corporation, is 
of this deponent's own proper handwriting. 

J. S. HARRIS. 
Sworn to and subscribed be- ^ 

fore me, this the day and 

year aforesaid. 
Witness my hand and seal. 

Wm. C. Alderson, 
[n!p.] Notary Public, ^ 



la 



State of Pennsylvania, 1 
City of Philadelphia, / 

BE IT REMEMBERED, That on this seventh day of 
June, A. D. one thousand eight hundred and eighty-three 
(1883), before me, the subscriber, a notary public in and 
for said city, persoually came and appeared S. Shcpheni, 
Esquire, Secretary of the foregoing named corporation. The 
Lehigh Coal and Navigation Company, who, being duly 
Bworn according to law, deposes and says, that he was per- 
sonally present at the execution of the foregoing indenture, 
and saw Joseph S. Harris, Esquire, President of the said 
corporation, affix the seal of the said company to the saiil 
indenture, and deliver the same as the act and deed of tlie 
eaid company ; and that the name of this deponent sub- 
scribed to the said indenture, as Secretary of the said cor- 
poration, in attestation of the due execution and delivery 
of said indenture, is of this deponent's own proper hand- 
writing. 

S. SHEPHERD. 
Sworn to and subscribed be- ~1 

fore me, this the day and I 

year first aforesaid. I 

Witness my hand and seal. [ 

Wm. C. Alderson, 
[IrV.] Notary Public. J 



:■}« 



State of Pennbylvania, 
City op Philadelphia, 

BEIT KNOWN, That on theaeventh day of June, in the 
year of our Lord one thousand eight hundred and eighty- 
three (1883), before the subscriber, a commissioner duly ap- 
pointed by the Governor of the State of New Jersey for 
the State of Pennsylvania, to take the proof and acknowl- 
e<lgment of deeds to be used and recorded in the State of 
New Jersey, personally appeared S. Shepherd, Esquire, who, 
being by me duly sworn according ia law, upon his oath 
did depose and say, that he is the Secretary of The Lehigh 
Coal and Navigation Company, who are, I am satisfied, the 
grantees named in the foregoing indenture ; that he is well 
acquainted with the corporate or common seal of said com- 
pany, and that the seal affixed to the foregoing indenture 
ia the corporate or common seal of the said The Lehigh Coal 
and Navigation Company ; that the said seal was affixed to 
the said indenture in pursuance of a resolution of the 
Board of Managers of the said company ; that Joseph S. 
Harris, Esquire, who is the President of the said company, 
did by their order sign, seal, and deliver the said indenture 
as the voluntary act and deed of the said The Lehigh Coal 
and NavigationCbmpany.injmrsuanceof the said resolution 
of the said Board of Managers of the said company, in 
deponent's presence, and that he the deponent, as Secretary 
of the said company, did at the time of the execution of the 
said indenture subscribe bis name thereto as a witness. 
S. SHEPHERD, 

Secretary. 

Subscribed and sworn to at the city of Philadelphia, in 
the State of Pennsylvania, the day and year aforesaid, be- 
fore the subscriber. 

In witness whereof, I have hereunto subscribed "l 
my name and affixed my official seal, at the place > 
and on the day and year aforesaid. J 

^, ■■, Wm. C. Alderson, 

Oumi. for K. J, | A Cbmmumioner of DmiU/ot the Slatt of Ntw Jerttt/, is 

la Pmim. j Ou &oU of Ptnnti/ixania. PhUadtipkia, Pa. 



im 



State of New Yohk, i ■* -» 

New York City and County, J ' 

BE IT KNOWN, That on the twenty-second day of 
June, in the year of our Lord one thousand eight liundred 
and eighty-three (1S83), before the Bubscrilter, a Maj^ter in 
Chancery of the Siate of New Jersey, i>er8onalIy appeared 
Samuel Knox, Esq., who, being by rae duly sworn accord- 
ing to law, ou his oath did depose and say that he is the 
Secretai-y of The Central Railroad Company of New Jeraey, 
who are, I am satisfied, the grantors named in the foregoing 
Indenture; that he is well acquainted with the common 
seal of the said company, and that the seal affixed to the 
foregoing Indenture is the common seal of the said com- 
pany ; that the said seal was affixed to the said Indenture 
in pursuance of a resolution of the Board of Directors of the 
said company; tliat Henry S. Little, who is the President 
of said company, did, by their order, sign, seal and deliver 
the said Indenture, as the voluntary act and deed of said 
company, in pursuance of the said resolution of the said di- 
rectors, in this deponent's presence, and that he, the de- 
ponent, at the time of the execution thereof, did subscribe 
his name thereto as a witness. 



SAML. KNOX, 



Subscribed and sworn to the day 
and year aforesaid, before me, 
John L. Conover, 
Master in Chancery of New Jeraey. 



151 



State of New York, i 

City and County of New York, j ^' 

BE IT REMEMBERED, That on this twenty-second day 
of June, A. D. one thousand eight hundred and eighty- 
three (1883), before me, the subscriber, a commissioner for 
the State of Pennsylvania, resident in the State of New 
York, duly authorized to take the acknowledgment and 
proof of deeds, personally came and appeared Henry S. 
Little, Esquire, President of the foregoing named corpora- 
tion, The Central Railroad Company of New Jersey, who, 
being duly sworn according to law, deposes and says, that 
he was personally present at the execution of the foregoing 
indenture, and did affix the common or corporate seal of 
the said corporation thereto, and that the seal so affixed is 
the common or corporate seal of the said company, and 
that the foregoing indenture was duly sealed and delivered 
as and for the act and deed of the said The Central Rail- 
road Company of New Jersey, and that the signature of 
this deponent to the said indenture, as President of the said 
corporation, is of this deponent's own proper handwriting. 

H. S. LITTLE. 



Sworn to and subscribed before me, this the day 

and year aforesaid, at New York. 
Witness my hand and seal. 

^i ^^ CoLLES Johnston, 

comr. forPenna. Commtssioner foT Pennsylvania 

In New York. . »t tt- t 

' . '^ in New York, 



State of New Jersey, 1 

BE IT REMEMBERED, That on this twenty-fifth day of 
June, A. D. one thousand eight hundred and eighty-three 
(1883), before me, the subscriber, a commissioner for the 
State of Pennsylvania, resident in the State of New York, 
duly authorized to take the acknowledgment and proof of 
deeds, personally came and appeared Samuel Knox, Es- 
quire, Secretary of the foregoing- named corporation, The 
Central Railroad Company of New Jersey, who, being duly 
sworn according to law, deposes and says, that he was per- 
sonally present at the execution of the foregoing indenturu, 
and saw Henry S. Little, Esquire, President of the said cor- 
poration, affix the seal of the said company to the said in- 
denture, and deliver the same as the act and deed of the 
said company, and that the name of this deponent sub- 
scribed to the said indenture, as Secretary of the said cor- 
poration, in attestation of the due execution and delivery 
of the said indenture, is of this deponent's own proper 
handwriting. 

SAML. KNOX. 



Sworn to and subscribed before me, this the day ~ 
and year aforesaid, at New York. 

Witness my hand and seal. 

,■ ^ ', CoLLEs Johnston, 

jcoiiir.forp«nn».| Commissioner JoT Pennsylvania 

^ >n N.- York. J ^^ ^^ y^^ 



153 



State op Pennsylvania, i 
City op Philadelphia, f^' 

BE IT REMEMBERED, That on this sixth day of June, 
A. D. one thousand eight hundred and eighty-three (1883), 
before me, the subscriber, a notary public in and for the said 
city, personally came and appeared Franklin B. Gowen, 
Esquire, President of the foregoing-named corporation, The 
Philadelphia and Reading Railroad C!ompany, who, being 
duly sworn according to law, deposes and says, that he was 
personally present at the execution of the foregoing inden- 
ture, and did affix the common or corporate seal of the said 
The Philadelphia and Reading Railroad Company; and 
that the foregoing indenture was duly sealed and delivered 
as and for the act and deed of the said The Philadelphia 
and Reading Railroad Company, and that the signature 
of this deponent to the said indenture, as President of the 
said corporation, is of this deponent's own proper hand- 
writing. 



F. B. GOWEN. 



Sworn to and subscribed before ^ 
me, this the day and year 
aforesaid. 

Witness my hand and seal. 

J. Y. Humphrey, 
[nTp.] Notary Public. 




STATE OP PbNSSYLVANIA, 1 

City of Priladelphia, J ' 

BE IT REMEMBERED, That on tliia seventh ilay of 
June, A. D. one thousand eight Itundred and eighty-throe 
(1883), before me, the subacriber, a notary public in and for 
said city, personally came and appeared Albert Foster, Es- 
quire, Secretary of the foregoing named corporation, TIio 
Philadelphia and Reading Railroad Company, who, being 
duly sworn according to law, deposes and says, that he was 
personally present at the execution of tlie foregoing inden- 
ture, and saw Franklin B. Gowen, Esquire, President of the 
said cori>oration, affix the seal of the said company to the 
said indenture, and deliver the same as the act and deed 
of the said company; and that the name of this deponent 
Bubscribed to the said indenture, as Secretary of the 
said corporation, in attestation of the due execution and 
delivery of wiid indenture, is of this deponent's own proper 
handwriting. 

ALBERT FOSTER. 



Sworn to and subscribed before 
me, this the day and year first 
aforesaid. 

Witness my hand and seal. 
J. Y, Humphrey, 

[^2 Notary Public. 



155 



State of Pennsylvania 
City of Philadelphia 



'''''I SB. 
lA, J 



BE IT KNOWN, That on the eighth day of June, in the 
year of our Lord one thousand eight hundred and eighty- 
three (1883), before the subscriber, a commissioner duly ap- 
pointed by the Governor of the State of New Jersey for the 
State of Pennsylvania, to take the proof and acknowledg- 
ment of deeds to be used and recorded in the State of New 
Jersey, personally appeared Albert Foster, Esquire, who, 
being by me duly sworn according to law, upon his oath did 
depose and say, that he is the Secretary of The Philadelphia 
and Reading Railroad Company, who are, I am satisfied, 
the grantees named in the foregoing indenture ; that he is 
well acquainted with the corporate or common seal of said 
company, and that the seal affixed to the foregoing inden- 
ture is the corporate or common seal of the said The Phila- 
delphia and Reading Railroad Company ; that the said seal 
was affixed to the said indenture in pursuance of a resolu- 
tion of the Board of Managers of the said company ; that 
Franklin B. Gowen, Esquire, who is the President of the 
said company, did by their order sign, seal, and deliver the 
said indenture as the voluntary act and deed of the said 
The Philadelphia and Reading Railroad Company, in pur- 
suance of the said resolution of the said Board of Managers 
of the said company, in deponent's presence, and that he 
the deponent, as Secretary of the said company, did at the 
time of the execution of the said indenture subscribe his 
name thereto as a witness. 

ALBERT FOSTER, 

Secretary, 

Subscribed and sworn to at the city of Philadelphia, in 
the State of Pennsylvania, the day and year aforesaid, be- 
fore the subscriber. 

In witness whereof, I have hereunto subscribed ^ 
my name and affixed my official seal at the place > 
and on the day and year aforesaid. J 



' ^^ , J. H. Burroughs, 

Couir. for N. J. I A Ornimianoner of Deed* for the Staie of New Jersey ^ 

in Pcnna. J ij^ <^ SiaXe of Pennsylvania, PhUaddphia, Pa, 



bViDS DED Q14 13? 




STANFORD UNIVERSITY IIBRARIES 

STANFORD AUXILIARY UBRARY 

STANFORD, CALIFORNIA 94305-6004 

(650) 723-9201 

salcirc@sulmail.slonford.edu 

All books ore subject lo recall. 




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